Dealing with Losers: The Political Economy of Policy Transitions

Paperback | August 20, 2015

byMichael J. Trebilcock

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Winner of the Donner Prize for the best book on public policy by a Canadian in 2014.Whenever governments change policies - tax, expenditure, or regulatory policies, among others - there will typically be losers: people or groups who relied upon and invested in physical, financial, or human capital predicated on, or even deliberately induced by the pre-reform set of policies. Theissue of whether and when to mitigate the costs associated with policy changes, either through explicit government compensation, grandfathering, phased or postponed implementation, is ubiquitous across the policy landscape. Much of the existing literature covers government takings, yet compensationfor expropriation comprises merely a tiny part of the universe of such strategies.Dealing with Losers: The Political Economy of Policy Transitions explores both normative and political rationales for transition cost mitigation strategies and explains which strategies might create an aggregate, overall enhancement in societal welfare beyond mere compensation. Professor Michael J.Trebilcock highlights the political rationales for mitigating such costs and the ability of potential losers to mobilize and obstruct socially beneficial changes in the absence of well-crafted transition cost mitigation strategies. This book explores the political economy of transition costmitigation strategies in a wide variety of policy contexts including public pensions, U.S. home mortgage interest deductions, immigration, trade liberalization, agricultural supply management, and climate change, providing tested examples and realistic strategies for genuine policy reform.

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Winner of the Donner Prize for the best book on public policy by a Canadian in 2014.Whenever governments change policies - tax, expenditure, or regulatory policies, among others - there will typically be losers: people or groups who relied upon and invested in physical, financial, or human capital predicated on, or even deliberately in...

Michael J. Trebilcock is Professor of Law and Economics at the University of Toronto School of Law. He specializes in law and economics, international trade law, competition law, economic and social regulation, and contract law and theory. He has won awards for his work, including the 1989 Owen Prize by the Foundation for Legal Resear...
Format:PaperbackDimensions:240 pages, 9.21 × 6.14 × 0.68 inPublished:August 20, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0190456949

ISBN - 13:9780190456948

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Table of Contents

Acknowledgments1. Introduction: The Places In-Between2. Framing the Issues: Normative Discourses; Political Imperatives3. Public Pensions: Reconciling Fiscal Sustainability with Intergenerational Equity4. Reforming the U.S Home Mortgage Interest Deduction5. Trade Liberalization: Gradualism, Reciprocity, Reversibility6. Agricultural Supply Management: Unravelling the Transitional Gains Trap7. Liberalizing Immigration Policy: The Gains and Strains of Accomodating More and Diverse Newcomers8. Climate Change Policy: Managing More Heat in the World's Kitchens9. Institutional Reform and Developments: The Perils of Utopianism10. Conclusion: Taking Transition Costs SeriouslyNotesIndex

Editorial Reviews

"The book explores rationales for transition cost mitigation strategies in a wide variety of policy contexts, providing examples and realistic strategies for genuine policy reform. Dealing with Losers is an invaluable essay on the role and importance of compromise. This is a book that everyelected and unelected official at whatever level of government should read." --The Donner Prize jury