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The paper discusses the main aims and characteristics of the three Ways in British economics and politics: the First Way refers to the period from after WWII to the mid 1970s; the second Way refers to the Conservative Government period starting from 1979; and the Third Way to the New Labour Government period since 1997. These three Ways are considered in relation to their main characteristics, the policies of the relevant governments and the problems they have encountered. The New Labour policies are analyzed in more details by reference to the case of the National Health Service. The reasons why the New Labour Way is different from the second Way as well as the problems it is facing are highlighted. A discussion of why New Labour has taken the Third Way route follows.

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Article Abrstract:

The backbone of neoliberalisation is privatization of common goods from the perspective of market naturalization and creation of a specific resource regime. It is of important to emphasis that neoliberalism coexists with other societal projects and we are witnessing simultaneity amongst different projects. The naturalization of market structures and identification of market with competition produce intensified risk-related consequences for the society; actually, neoliberalism exposes the society to environmental risks with a number of concrete examples. The author analyses the importance of water resources from the economic perspective, especially with regard to the neoliberal perspectives on water resources. The modalities of market-based usage of water are presented, constituting the property-rights regime. It is argued that an unconditional, socially irresponsible privatization does not take into account community-related management of common pools and dogmatically acknowledges only state and private forms of property. Such a critical view is supported with considerations that a) the ongoing form of economic globalization does not maintain the development of the green market b) water is a common good embedded in cultural and political relationships and filled with symbolic meanings. The impasse concerning the status of water takes place in the context where the Washington-consensus proved to be defective. At the same there is no other coherently formulated corpus of ideas to substitute the neoliberal canon. Water as a common good needs normative engagement and ecological economy has a task to participate in determination of sustainable levels of costs and prices of water resources.

Article Abrstract:

A devastating criticism of a "hard core" argumentation, stemming from skeptical authors, has strongly challenged an enthusiasm noticeable in most theoretical analyses of globalization, bringing to light many "darker sides" of the globalization phenomena. A detailed critical re-examination of their often unrealistic assumptions has presented a very serious challenge to globalists and has made room for the arising of the so called "great globalization debate", which has started over time to shape the mainstream of the contemporary social philosophy. In this paper we are closely looking into the way in which skeptics realize their devastating criticism of globalists' argumentation.

Article Abrstract:

The paper consists of three methodologically and causally connected thematic parts: the first part deals with crucial motives and models of the privatization processes in the USA and EU with a particular analytical focus on the Herfindahl-Hirschman doctrine of the collective domination index, as well as on the essence of merger-acquisition and take-over models. The second thematic part of the paper, as a logical continuation of the first one represents a brief comparative analysis of the motives and models implemented in bank privatization in the south-eastern European countries with particular focus on identifying interests of foreign investors, an optimal volume and price of the investment, and assessment of finalized privatizations in those countries. The final part of the paper theoretically and practically stems from the first and the second part, in that way making an interdependent and a compatible thematic whole with them, presents qualitative and quantitative aspects of analyzing finalized privatization and/or sale-purchase of Serbian banks with particular focus on IPO and IPOPLUS as the prevailing models of future sale-purchase in privatizing Serbian banks.

Article Abrstract:

A very dynamic development of finance in the last 50 years is inter alia probably due to experiments and innovations in this field. Previously theoretical base could not explain and predict movements especially in volatile times. "The new finance" appeared 50 years ago (portfolio theory CAPM, the efficient market theory, M&M theorem) and made substantial progress in understanding movements in globalized and internationalized financial markets. However, many questions remain open. The author tries to put emphasis on some of these questions, perfectly aware that these are not the only ones. Unresolved questions are related to company's aims, project's risks, degree of portfolio optimization, importance of liquidity, dividend policy, as well as factors that determine M&A. As the "new finance" is not able to predict and explain volatile movements, a question that should be posed is whether it is appropriate to add some non-economic factors as the behaviorist theory suggests. Although the behaviorist theory is an important part of "new finance", it is unfortunately the only theory able to explain movements in volatile times. In conclusion, many questions still remain unanswered and wait for appropriate theoretical explanations.

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