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 inability of carriers to forecast 'demand for containerships' led them to order larger ships. Maritime economists were also unable to forecast it. The new-buildings cut cost per TEU, but 'estimated economies of scale' are exhausted with ships beyond 21,000 TEUs, higher than the present. As...

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...

The paper deals with maritime risk, which we consider important, no doubt, for ship-owners acting in volatile markets. Traditionally, risk is measured by "standard deviation". Other risk measures like "excess kurtosis", "excess skewness", "long-term dependence" and the "catastrophe propensity"...