In Governing for the Long Term, Alan M. Jacobs investigates the conditions under which elected governments invest in long-term social benefits at short-term social cost. Jacobs contends that, along the path to adoption, investment-oriented policies must surmount three distinct hurdles to future-oriented state action: a problem of electoral risk, rooted in the scarcity of voter attention; a problem of prediction, deriving from the complexity of long-term policy effects; and a problem of institutional capacity, arising from interest groups' preferences for distributive gains over intertemporal bargains. Testing this argument through a four-country historical analysis of pension policymaking, the book illuminates crucial differences between the causal logics of distributive and intertemporal politics and makes a case for bringing trade-offs over time to the center of the study of policymaking.

The book focuses on how to enhance the political incentives on democratically-elected governments to protect the interests of future generations.

“A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York Times NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored. Praise for When Genius Failed “[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”—BusinessWeek “Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating.”—The Washington Post “Story-telling journalism at its best.”—The Economist

Tackles one of the most enduring and contentious issues of positive political economy: common pool resource management.

This open access book examines the comparative evolution of social protection in Australia and New Zealand from 1890 to the present day, focusing on the relationship between employment relations and social policy. Utilising longstanding and more recent developments in historical institutionalist methodology, Ramia investigates the relationship between these two policy domains in the context of social protection theory. He argues that treating employment relations as dynamic, and as inextricably intertwined with changes in the welfare state over time, allows for more accurate portrayal of similarity and difference in social protection. The book will be of most interest to researchers, advanced undergraduate and postgraduate students in social policy, employment relations, public policy, social and political history, and comparative politics.

Among the issues confronting America is long-term care for frail, older persons and others with chronic conditions and functional limitations that limit their ability to care for themselves. Improving the Quality of Long-Term Care takes a comprehensive look at the quality of care and quality of life in long-term care, including nursing homes, home health agencies, residential care facilities, family members and a variety of others. This book describes the current state of long-term care, identifying problem areas and offering recommendations for federal and state policymakers. Who uses long-term care? How have the characteristics of this population changed over time? What paths do people follow in long term care? The committee provides the latest information on these and other key questions. This book explores strengths and limitations of available data and research literature especially for settings other than nursing homes, on methods to measure, oversee, and improve the quality of long-term care. The committee makes recommendations on setting and enforcing standards of care, strengthening the caregiving workforce, reimbursement issues, and expanding the knowledge base to guide organizational and individual caregivers in improving the quality of care.

In recognition of its 20th anniversary, The IBM Center for the Business of Government offers a retrospective of the most significant changes in government management during that period and looks forward over the next 20 years to offer alternative scenarios as to what government management might look like by the year 2040. Part I will discuss significant management improvements in the federal government over the past 20 years, based in part on a crowdsourced survey of knowledgeable government officials and public administration experts in the field. It will draw on themes and topics examined in the 350 IBM Center reports published over the past two decades. Part II will outline alternative scenarios of how government might change over the coming 20 years. The scenarios will be developed based on a series of envisioning sessions which are bringing together practitioners and academics to examine the future. The scenarios will be supplemented with short essays on various topics. Part II will also include essays by winners of the Center’s Challenge Grant competition. Challenge Grant winners will be awarded grants to identify futuristic visions of government in 2040. Contributions by Mark A. Abramson, David A. Bray, Daniel J. Chenok, Lee Feldman, Lora Frecks, Hollie Russon Gilman, Lori Gordon, John M. Kamensky, Michael J. Keegan, W. Henry Lambright, Tad McGalliard, Shelley H. Metzenbaum, Marc Ott, Sukumar Rao, and Darrell M. West.