Why was America's First Bank Aborted?

2011 ◽  
Vol 71 (1) ◽  
pp. 211-222 ◽  
Author(s):  
Dror Goldberg

In 1686 the leadership of Massachusetts became involved in the first operational bank scheme in America. In 1688 this note-issuing bank was mysteriously aborted at an advanced stage. I suggest a new, simple explanation for the bank's demise. The bank's notes were supposed to be backed mostly by private land in Massachusetts, but a new royal governor invalidated all the land titles. This episode demonstrates the importance of clearly defined and enforced property rights for the development of financial institutions.“After showing him an Indian deed for land, he said that their hand was no more worth than a scratch with a bear's paw, undervaluing all my titles, though everyway legal under our former charter government.”1Joseph Lynde

2013 ◽  
Vol 73 (4) ◽  
pp. 1105-1131 ◽  
Author(s):  
Dror Goldberg ◽  
Igal Milchtaich

The dictatorial Dominion of New England (1686–1689) saw the rise and fall of the first operational bank scheme in America. Both events resulted from the appointed rulers' attempts to personally profit from real estate, subject to an absolutist constitution imposed by England. The first, local ruler led a nominally private land bank. The subsequent, foreign ruler invalidated all land titles and thus killed the bank. This unusual case study exemplifies an extension of Mancur Olson's model of stationary and roving bandits, and demonstrates how economic development can be affected in different ways by different types of dictators.


Author(s):  
Lucas Bispo de Oliveira Alves ◽  
Shinnosuke Maeda ◽  
So Morikawa ◽  
Hironori Kato

The impact of transportation on economic development has been the subject of intense research. This paper investigates a potential impact on yet another aspect of the economy: land property rights (LPR). This institution determines who may own land and under what circumstances land transactions happen, with significant implications for farmers’ incentives and agricultural performance. Transportation is assumed to represent a technological shock capable of generating incentives for land titling. Data was collected in a rural municipality in Brazil where agricultural development has been closely related to the construction of a railway and a paved road. Farmers have subsequently applied for land titles. Two hypotheses are tested: first, farmers whose produce is transported by the railway are more likely to have land titles than those whose produce is not; second, farmers that are located closer to the paved road are more likely to have land titles than those located further away. IV are introduced to treat anticipated endogenous problems. Results indicate the acceptance of both hypotheses, which points to one significant policy implication: improvements in LPR can be considered one indirect impact of transportation, at least where the legal framework for titling is present. Initiatives to improve transportation and LPR may be implemented in parallel with mutually reinforcing effects. It must be noted, however, that likelihood of titling in rural areas is dependent on modes of transportation and on which products can be produced according to the agro-ecological features of each region.


1994 ◽  
Vol 16 (1) ◽  
pp. 106 ◽  
Author(s):  
JH Holmes ◽  
LDP Knight

Pastoral leasehold has evolved as the vehicle for the flexible award of property rights and duties in Australia's rangelands capable of serving as an effective public policy instrument while meeting the needs of titleholders. These capabilities were most clearly revealed during the interventionist phase of planned closer settlement. With the loss of policy momentum directed towards further pastoral development and closer settlement, leasehold tenure appeared to be in danger of becoming a bureaucratic anachronism. More recently, however, the sharply escalating revival of public interest in the rangelands is forcing a re- examination of property rights, with renewed interest in lease tenures as policy instruments, within a context of multiple values and uses, many not being readily tied to private land title. We examine the theoretical arguments as well as the pragmatic case for retaining a distinctive regime of limited property rights in Australia's rangelands, focusing on the following issues: matching property rights with resource contexts; balancing internalities and externalities; timing the award of property rights; specificity and flexibility; coordinated administration; and perceptions and expectations. We conclude by identifying the core attributes of an effective property-rights regime based on lease title. These attributes are: clear specification of the property rights of the lessee, designed to meet the resource needs of the enterprise; performance standards with increasing emphasis on sustainable use; capacity to award additional rights, where additional resources can be internalised effectively; specification of the rights of other interest-groups; powers of resumption for more intensive uses; powers to revise lease conditions; and payment of an annual rent. We foresee the revival of the leasehold system as a mechanism for defining property rights and duties precisely, and as an instrument for delivering policies on a wide range of issues concerning the management and use of the rangelands.


2021 ◽  
Vol 28 (1) ◽  
pp. 167-186
Author(s):  
Fekadu Beyene Kenee, ◽  
Gadissa Tesfaye ◽  
Jebessa Teshome

This article examines customary institutions governing rangeland resources in the Oromia Region, Ethiopia. Using data from different pastoral groups, we employed a case-study approach to explore how property rights are defined and enforced. The study indicates heterogeneity in systems of defining and enforcing rights. Due to the fugitive nature of resource use in pastoral systems, property rights vary seasonally. Though flexibility in the definition of such rights has become central to the survival of pastoral herders, formal administrative boundaries and policies have limited resource access, becoming sources of violent conflict and obstacle to customary systems. Government policies favouring private land use, expansion of large-scale investment on pastoral land, establishment of national parks, and certification of privately used land challenged the smooth functioning of customary land governance. This implies that state intervention should not undermine customary systems but permit them to exercise rangeland governance and ensure pastoral rights to secure livelihoods.


1998 ◽  
Vol 12 (3) ◽  
pp. 35-52 ◽  
Author(s):  
Robert Innes ◽  
Stephen Polasky ◽  
John Tschirhart

Preserving endangered species on private land benefits the public, but may confer cost on landowners if property is 'taken.' Government compensation to landowners can offset costs, although the Endangered Species Act does not require compensation. The authors survey private economic incentives for species preservation created by alternative property rights and compensation regimes. Compensation will effect investments in land and the willingness of landowners to collect and impart information about their land's preservation value. The authors also address government incentives and how deadweight costs of compensation will influence design of property rights, and how government's susceptibility to interest group pressure may cause inefficient preservation.


Blood ◽  
2006 ◽  
Vol 108 (11) ◽  
pp. 4600-4600
Author(s):  
Soon-Thye Lim ◽  
Fei Gao ◽  
Lay-Cheng Lim ◽  
Richard Quek ◽  
Daryl Lim ◽  
...  

Abstract Background: To compare the clinico-pathologic characteristics and prognosis of Natural Killer/T cell lymphoma (NK/TL) with peripheral T cell lymphoma (PTCL). Methods: A total of 556 resident patients (pts) with lymphoma were treated in the departments of medical oncology and hematology in an Asian institution from 2000 to 2005. Of these pts, 71 (12.8%) had NK/TL or PTCL and were included in this analysis. Pathology was centrally reviewed and classified according to the WHO classification. Results: NK/TL and PTCL comprised of 4.7% (26/556) and 7.9% (45/556) of all cases. Of the PTCL cases, histology was PTCL-NOS in 21, anaplastic large cell in 12 (5 were ALK-1 positive) and angioimmunoblastic T cell in 8 pts. Subcutaneous panniculitis T cell and γ/δ T cell lymphoma accounted for one case each. There were no significant differences between the two groups of pts in terms of sex, performance status, extranodal involvement and LDH level at presentation. However, more patients with NK/TL presented with stage I/II disease (65% vs. 31%, p=0.003). Among pts with NK/TL, 17 (65%) received CHOP-based chemotherapy, 4 received radiation alone and 5 received palliative chemotherapy. In the PTCL group, 39 (87%) received CHOP-based chemotherapy, 2 received radiation alone and 3 received palliative treatment only. Compared to PTCL, NK/TL was associated with a significantly inferior rate of complete remission (27% vs. 58%, p=0.01) and inferior overall survival (5 vs. 28.4 mos, p=0.001). Although age > 60, ECOG ≥ 2, elevated LDH, advanced stage, IPI ≥ 2 and NK/T cell histology were each associated with decreased survival on univariate analysis, only NK/T cell histology and advanced stage were independently associated with decreased survival (see table 1). Conclusions: Contrary to expectation, the incidence of PTCL based on WHO classification in this Asian series is not higher than that reported in Western series. Compared to PTCL, the NK/T subtype is associated with a paricularly inferior prognosis and overrides the prognostic significance of IPI. These data suggest that NK/TL should be considered as a seperate entity and should not be considered together with other subtypes of T cell lymphoma in clinical trials. Table 1. NK/TL vs. PTCL: Univariate and Multivariate Analyses Univariate Analysis Multivariate Analysis Median (yr) P Hazard Ratio 95% CI P Male vs. Female 1.03 vs. Not reached 0.06 0.62 0.28 to 1.40 0.25 Age<60 vs. ≥ 60 2.37 vs. 0.51 0.01 1.41 0.70 to 2.83 0.33 ECOG 0/1 vs. ≥ 2 1.99 vs. 0.36 0.002 1.52 0.63 to 3.65 0.354 LDH normal vs. High Not reached vs. 0.75 0.03 1.29 0.53 to 3.13 0.57 Stage I/II vs. III/IV 1.99 vs. 1.41 0.16 2.91 1.17 to 7.2 0.02 IPI 0/1 vs. ≥ 2 Not Reached vs. 0.42 0.002 2.22 0.82 to 5.99 0.12 PTCL vs. NK/TL 2.37 vs. 0.42 0.001 5.8 2.36 to 14.24 <0.001


Blood ◽  
2011 ◽  
Vol 118 (21) ◽  
pp. 3153-3153
Author(s):  
Camila C.G. Linardi ◽  
Luis Fernando Pracchia ◽  
Rodrigo Dolphini Velasques ◽  
Claudia Bitti Barroso ◽  
Valeria Buccheri

Abstract Abstract 3153 Hodgkin Lymphoma (HL) is characterized by high cure rates. Approximately 90% early stage and 60–70% advanced stage patients have long term disease free survival. In Brazil it is observed that about 60% of patients present with advanced stage, while in developed countries about 40% belong to this group. The aim of this retrospective study was to analyze data of patients with HL from the Oncohematology Unit of University of São Paulo- Medical School and evaluate the event free survival (EFS) and the overall survival (OS) according to clinical stage. We included all consecutive patients diagnosed with HL between January 1991 and June 2010. The collection of data from medical records was done and the following variables at diagnosis were evaluated: age and sex, staging according to Cotswolds modified Ann-Arbor criteria (CS), histological subtype, presence of B symptoms and bulky disease, International Prognostic Index (IPI) according to International Prognostic Factors Project on Advanced Hodgkin's Disease, laboratorial data, and the protocol used in first line therapy. The complete remission (CR) rate, EFS and OS were analyzed in all patients. The survival analysis was estimated by the Kaplan-Meier method and the survival curves were compared by the log-rank test. Differences in CR rates among staging groups were compared using the chi squared test. Overall, 564 HL patients were identified; thirteen did not have adequate information about clinical staging and were excluded from the analysis. The median age, at diagnosis, of the remaining 551 patients was 28 (12–83) and 54.3% were male. Histological subtypes lymphocyte rich classical HL, nodular sclerosis, mixed cellularity and lymphocyte depletion were found in 3.6%, 51.4%, 24.2% and 5.6% cases, respectively, and 11.8% patients were diagnosed as HL classic not classifiable otherwise. Nodular lymphocyte predominance was observed in 3.3% cases. Stage I, II, III and IV were found in 42 (7.6%), 208 (37.7%), 145 (26.3%) e 156 (28.3%) patients, respectively. B symptoms and bulky disease were present in 65.5%and 58.8% patients, respectively. After staging the patients were divided in three groups: group 1 -CS I/II, without B symptoms nor bulky disease= 62 (11.25%) patients, group 2 -CS I/ II, with B symptoms and/or bulky disease=188 (34.12%) patients and group 3- CS III/ IV= 301 (54.62%) patients. IPI high risk score was recognized in 63.9% patients of group 3. Only 1.5% of patients were treated with exclusive radiotherapy. Of the patients that were treated with chemotherapy, 4.9% were treated with MOPP, 23.1% with MOPPABV, 70.5% with ABVD and 1.5% with other types of chemotherapy. The median follow-up of the entire cohort was 59.6 months (0–258.8 months) and 88.3% (CI 95%: 85.2%-91.1%) were in CR at the end of treatment (CS I: 100%, CS II: 90.6% CS III: 84.6% and CS IV: 85.3%; p=0.03) (group 1: 98.2%, group 2: 90.2% and group 3: 84.9%; p=0.012). The 5-year EFS rate was 69.2% (CS I: 84.8%; CS II: 77.8%; CS III: 64.5%, CS IV: 56%; p=0.0008) (group 1: 88%, group 2: 76% and group 3: 60.3%; p=0.0002) (Figures 1 and 2). The 5-year OS rate was 86.44% (CS I: 90.3%, CS II: 94.6%, CS III: 87.6%, CS IV: 71.4%; p<0.0001) (group 1: 98.3%, group 2: 92.6% and group 3: 79, 6%; p=0.0003).Figure 1Figure 1. Figure 2Figure 2. We found that there were more advanced stage patients (stage III/IV) in comparison to developed countries, however, patients classified as stage I/II without poor prognostic factors, like B symptoms and/or bulky disease, showed high rates of CR, EFS and OS. These data suggest that there is a need to enhance early diagnosis in Brazilian patients, in order to detect less advanced stage patients due to late diagnosis. Disclosures: No relevant conflicts of interest to declare.


Blood ◽  
2016 ◽  
Vol 128 (22) ◽  
pp. 5330-5330 ◽  
Author(s):  
Ritsuro Suzuki ◽  
Dai Chihara ◽  
Naoko Asano ◽  
Ken Ohmachi ◽  
Tomohiro Kinoshita ◽  
...  

Abstract [Background] Mantle cell lymphoma (MCL) is an aggressive B-cell lymphoma, characterized by the overexpression of cyclin D1 derived from t(11;14)(q13;q32) and poor prognosis. Most MCLs show nodal presentation, but also accompany extranodal involvement, such as bone marrow, peripheral blood or gastrointestinal tract. As a result, many MCLs present with advanced stage disease. Since only a small portion of patients show limited-stage disease, minimal data exist on treatment of patients diagnosed with limited stage disease. Nevertheless, the treatment strategy of MCL is recommended according to the clinical stage of limited- (stage I or non-bulky II) vs. advanced-stage, as well as other types of lymphoma. [Patients and methods] We recently collected 633 patient data of MCL (Chihara, et al. Ann Oncol 2015). Information of clinical stage was available in 626 patients. The patient data were retrospectively analyzed the by the clinical stage at initial presentation. [Results] The clinical stage was I in 24 patients (4%), II in 33 (5%), III in 70 (11%), and IV in 499 (80%). Only one patient presented with bulky stage II. Detailed demographic information by the clinical stage are listed in Table. Age and sex were not significantly different by clinical stage. Limited stage patients were associated with better performance status (PS), less B symptoms, no extranodal involvement, and lower lactate dehydrogenase (LDH) level and white blood cell (WBC) count. Most patients in any stage were treated with cytotoxic chemotherapy, but more patients in limited stage received radiotherapy. The proportion of high-dose cytarabine (HDCA)-containing regimen over CHOP/CHOP-like was higher in advanced stage patients. Complete and overall response rates were 92% and 96% in stage I, 58% and 94% in stage II, 66% and 86% in stage III, and 52% and 82% in stage IV, respectively (P = 0.02). However, the higher response rate in limited stage patients did not translate into better prognosis. The median survival was 11.0 years in stage I, 13.4 years in stage II, 11.5 years in stage III, and 5.6 years in stage IV (Figure). The prognosis was not significantly different among patients with stage I, II, and III (P = 0.33). [Conclusion] Prognosis of limited-stage MCL was almost similar to that of stage III MCL. Although the present study includes several limitations including a retrospective nature and limited number of patients, prognosis of patients with limited-stage MCL was not satisfactory. The significance of radiotherapy, as well as the optimal choice of chemotherapy, for limited-stage MCL needs re-evaluation. Table Table. Figure Figure. Disclosures Suzuki: Chugai: Honoraria; Kyowa Hakko kirin: Honoraria; Bristol-Myers Squibb: Honoraria. Asano:Jannsen: Honoraria; Chugai: Honoraria. Kinoshita:Ono: Research Funding; Gilead: Research Funding; Zenyaku: Honoraria, Research Funding; Takeda: Research Funding; Chugai: Honoraria, Research Funding; Eisai: Honoraria, Research Funding; Solasia: Research Funding; Janssen: Honoraria; Kyowa Kirin: Honoraria. Suzumiya:Chugai: Honoraria, Research Funding; Astellas: Research Funding; Eisai: Honoraria, Research Funding; Takeda: Honoraria; Toyama Chemical: Research Funding; Kyowa Hakko kirin: Research Funding. Ogura:SymBio Pharmaceuticals: Consultancy, Honoraria; Celltrion, Inc.: Consultancy, Honoraria.


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