The great deficits created in the pursuit of the Keynesian welfare state led to governmental failure. This increasingly posed a greater risk to financial system than market failure, due to the increasing scale effects. Competition ceases to exist. The operations of markets first described by...

The efforts of IMO on the security of ports and ships after 11/9 are presented. IMO’s resolution on fatigue of crews -cause of marine accidents- is also presented. The introduction of ISPS code -carried out under the pressure of USA- made by a non holistic approach, created a number of issues...