做出决定合法的是什么？It Matters for Policy, Markets

部分投票部分是，部分是对令人不懈和非法决策的不满的不满。抛开是英国人的正确还是最佳决定，其中大多数人都对代表决策的水平显然不满意。

当人们主要认为是英国而不是欧洲人而言，他们希望在威斯敏斯特，而不是布鲁塞尔的主要决定。由于欧洲项目一直将集团标识转换为远离个别国家的集体，那么该项目包括国家建筑的一个元素。不同的世代忠诚导致了：年轻一代压倒性地投票赞成剩下的，而且老化有利于离开。

国家建设的过程有一位服务员文学。除了使用暴力创造新的边界之外，成功的国家建设已经努力创造普遍价值。这两个最常见的方法是通过普通军和一个普通的学校制度。拥有相同的货币和财政体系也可能被视为必需品，没有哪些申诉可以建立不平衡和可见的不平等。为了历史的观点，如果我选择一本特别洞察的书，那将是Philip Bobbitt的阿基里斯的盾牌：战争，和平与历史过程。Bobbitt通过不同历史阶段的主权阶段带领读者。He also highlights the modern conflict between, on the one hand, the concept of noninterference in another country’s internal affairs (established by the Peace of Westphalia in 1648, ending the horrors of the Thirty Years’ War) and, on the other hand, the right of a people or nation to self-determination. A nation of people is defined by cultural ties and shared values, tradition and history — by collective identities. As identities multiply and become more complex, conflicts can also become more difficult to solve, as we are seeing.

This raises some key questions about the level at which decisions should be made. Some environmental, law enforcement and health issues have strong cross-border externalities. They are not contained by national boundaries, and for the purposes of efficacy and efficiency, they are best dealt with at a multinational or international level. Other matters, such as road maintenance, rubbish collection and school governance, can best be delegated to local governments.

但是，最可实现的和可持续的，也需要在被认为合法的水平上进行决定。这些水平通常是，但可能不是，最为理论上是有效的。

这一事实是众所周知的,甚至利用。有时a central government will delegate responsibility over issues with strong cross-boundary externalities down to lower levels precisely to avoid effective implementation. Conversely, strong local governments can delegate responsibility for unpopular measures up to a central government. Though the latter is rarer, a historical example can be found with fiscal policy in Argentina. Politicians’ first loyalties there have often been at the provincial, not federal, level, and the result has been that provincial governments tend to spend the taxes (thereby creating and feeding political loyalties), the collection of which is delegated to the federal government. The result has been a long history of collective fiscal irresponsibility and sovereign default.

谁应该做出决策的问题正在变得更加局部。许多决定被视为西方的非法，在新兴市场中无效。这是两个，看似不相关的，新闻项目促使我在这个主题上写作。首先是内部国际货币基金组织报告高度批评基金对希腊的支持，回到2010年贷款的原始决定。该国的经济计划不是可持续的，没有资格支持。改变贷款标准以确保可以进行贷款，批准过程异常不透明。

The current IMF managing director, Christine Lagarde, has defended the action — which was taken under her predecessor, Dominique Strauss-Kahn — as being necessary to enable Greece to remain a member of the euro zone. I would argue, and I am not alone, that Greece’s remaining in the euro zone in 2010 was not an appropriate objective for the IMF. That was and remains a wider political objective of Greece and its European Union partners but lies outside the technical mandate of the Fund. It could be argued that Greece’s staying in the euro zone helped international financial stability — a clear IMF objective — but not if the program was unsustainable and if lending billions merely put off the inevitable. More important, it is difficult to see how maintaining the status quo of an overvalued exchange rate, which kept Greece in a state of economic depression, was ever going to promote trade, employment, sustainable economic growth or the reduction of poverty. As a political decision of strong interest to other EU members, and not necessarily in the best economic interests of the people of Greece, it should have been made by politicians, not by the supposedly agnostic IMF. By supporting Greece as it has, the IMF has damaged its reputation, and possibly also its financial standing.

另一方面，让我思考合法性的新闻是印度上部的批准，即持续期待的宪法改革的印度上所未有的萨法哈national Goods and Services Tax。The GST allows the creation of a single market in India unhampered, as it is today, by interstate inspections and distortions caused by different state sales taxes. The measure, which the government of Prime Minister Narendra Modi intends to introduce in April 2017, could add 1 to 2 percentage points to GDP. In this vast country, which contains one sixth of the world’s population, the government in New Delhi has won an important victory in its long battle with the subcontinent’s regional identities.

The moral for the IMF and its political masters, as with the Brexit vote, is that Western elites stray from their mandate at their peril. The moral from India is Churchillian: Democracy may be messy, but it gets the right policy in the end. Who makes decisions matters, not just the outcome.

Jerome Booth是创始人兼创新的新斯巴达资产管理主席，总部设在伦敦，以及Ashmore投资管理前的前研究。