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John E. Elliott has been a professor of economics at the University of Southern California in Los Angeles since 1956 when he graduated from Harvard University with a doctorate in economics. In that position at USC, John has distinguished himself not only as a scholar and prolific writer but also as an outstanding teacher. He has received every teaching honour which USC has within its power to bestow. Moreover, John has distinguished himself for his contribution to the well‐being of the faculty and to the advancement of its efforts to preserve and extend the concept of academic freedom. John E. Elliott was born in the year 1931 and the essays which comprise this Festschriftare written in celebration of his sixtieth birthday. The numerous awards he has received for the high quality of his teaching, for his creativity and innovation in the dissemination of knowledge, his record of books published, articles contributed to scholarly journals and book reviews are to be found in his curriculum vitae printed at the end of this work.

This paper aims to provide a comparative study of the Islamic versus conventional banking sector risk by using market data generated from the sample of publicly listed Islamic and conventional banks in the Gulf Cooperation Council (GCC) region.

The authors introduce a market-based measure of bank stress and test this indicator against the Tier 1 Capital Ratio using Granger causality tests.

The authors find that the market-based measure is a leading indicator of banking stress when compared to the accounting-based Tier 1 ratio and thus is relevant to the Basel regulation’s Pillar 3.

This paper only looks at Islamic vs conventional banks in the Gulf region, and the authors would like to extend this analysis to a broader range of financial institutions, especially in the European and North American markets.

Developing a measure that signals bank stress ahead of typically used measures can help regulators, bank management and investors identify oncoming problems and issues before these become too big to manage.

The results from this analysis provides insight into the offsetting impact from two drivers (beta and book-to-market ratio) of the cost of equity capital for the conventional vs Islamic banking sectors.

The socioeconomic as well as the political world has undergone significant changes, challenging the meaning and validity of economic and political paradigms. This treatise highlights that Eucken's paradigm of a “social market economy,” with its structural and regulating principles, needs to be modified to account for changing strategic factors.

No economic theories, however relevant in the past, hold true for all time. This is verified by the dynamics of change as indicated by Hegelian dialectics, functionalism and structuralism, as well as by quantum theory.

National economies have become linked in the widening web of the global economy, exemplified, for example, by the European Union, the Euro Bloc, NAFTA, WTO, as well as by other trading arrangements. Enterprises have developed a global orientation, internationalizing their products and services, encouraging labor and capital to move instantaneously among industrialized countries, affecting social, fiscal, and monetary policies. Furthermore, these developments have increased awareness, on a global scale, about human rights and dignity, a healthy environment, changing demographics, and of limited natural resources.

There is increasing awareness of contemporary challenges facing mankind and the environment, as well as the merging of national economies within a global framework. These challenges with their demands for modifications in socioeconomic as well as political policies may transform the paradigm of a “social market economy” into an “ecological social market economy”.

Traditional economic theories usually consider capital and labor as the primary factors of production. Nature (all natural resources), on the other hand, tends to be neglected as an economic good and as an essential third factor of production. A political economy is suggested which assigns equal importance to man and nature, the costs of which have to be fully accounted for, including those for the preservation and regeneration of natural resources.

A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.

This comment is a constructive criticism of Professor John C. O’Brien’s interesting and provocative article: “Freud’s civilization revisited in the nuclear age.” It is my conviction that both Freud and O’Brien underestimate the power of Christianity in the creation and in the defense of Western civilization. The threat of a nuclear holocaust is an ever present danger, but the remedy for this danger is not the nuclear disarmament that O’Brien advocates, because the disarmament treaty would be unenforceable. Rather, the protection against the nuclear threat is for the USA to maintain an overwhelming arsenal of second‐strike nuclear weapons and to use the threat of retaliation to enforce an American peace that would be analogous to the Roman peace which that empire enforced during two centuries of ancient history.

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

John E. Elliott has been a professor of economics at the University of Southern California in Los Angeles since 1956 when he graduated from Harvard University with a doctorate in economics. In that position at USC, John has distinguished himself not only as a scholar and prolific writer but also as an outstanding teacher. He has received every teaching honour which USC has within its power to bestow. Moreover, John has distinguished himself for his contribution to the wellbeing of the faculty and to the advancement of its efforts to preserve and extend the concept of academic freedom. John E. Elliott was born in the year 1931 and the essays which comprise this Festschrift are written in celebration of his sixtieth birthday. The numerous awards he has received for the high quality of his teaching, for his creativity and innovation in the dissemination of knowledge, his record of books published, articles contributed to scholarly journals, and book reviews, are to be found in his curriculum vitae printed at the end of this work.

This study was carried out as part of a larger study commissioned by the UK Department of Health to investigate the service pathways for offenders with learning disabilities (LD). The study covered three health regions in the UK and included 477 people with LD referred to services because of antisocial or offending behaviour during a 12‐month period. Data were collected concerning demographic, individual, offending behaviour and service characteristics. The findings of the study are broadly consistent with contemporary research concerning this population, particularly in relation to the nature and frequency of offending, history of offending, psychopathology, age and gender distribution. However, very few of those referred had any form of structured care plan, despite having significant offending histories, and this may have compromised early identification of their needs and communication between the health, social and other services involved.