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[Issue 5] Article 2: The Virtual Innovation Eco-System: Building Global Business Anywhere

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Mark FENWICK, Kyushu University
Erik P.M. VERMEULEN, Tilburg University

Imagine two young Japanese innovators; let’s call them Hanako Sato and Taro Yamada. Let’s assume that Hanako and Taro have a disruptive idea for a high growth start-up business and that this idea shows real potential. They are driven, ambitious and both dream of building a global business that will change the world. Finally, let’s assume Hanako and Taro were born and grew up in the city of Fukuoka, located on the island of Kyushu in southwestern Japan. In order to pursue their dream and bring their idea to market, Hanako and Taro are  going to have to survive the difficult period in the early stage of the life cycle of  a company known as the “Valley of Death”; the period between the initial capital contribution and the company generating a steady revenue stream.  In order to be successful in this challenging task – after all, many businesses will fail at this early stage – Hanako and Taro will need to raise a significant amount of money. But this need for money raises a series of daunting questions: “Who should we turn to for investment?”; “What kind of money do we want to attract?”; “When is the right moment to seek investment?”; and, “Where should we locate our company, if our dream is to build a global business?”

[Issue 5] Article 1: スウェーデンにおける2014年欧州議会選挙 / 2014 European Parliament Election in Sweden

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五月女律子 北九州市立大学法学部
Ritsuko SAOTOME, The University of Kitakyushu

This article has two aims. The first objective is to examine the 2014 European Parliament (EP) election in Sweden. Though established parties lost a number of seats, the Green Party increased its seats. Two new parties (a radical right populist party and a feminist party) got seats, but other new parties that won past elections failed to gain a seat. More than half of the seats are held by women. Since all elected EP members were over thirty years old, the young generation is under-represented in the result of 2014 EP election in Sweden.

[Issue 3 and 4] Book Review 1: Understanding the Euro Crisis

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Understanding the Euro Crisis
The Future of Europe: Democracy, Legitimacy & Justice After the Euro Crisis
Serge Champeau, Carlos Closa, Daniel Innerarity & Miguel Poaries Maduro,
London: Rowman & Littlefield, 2015.
ISBN: 978-1-78348-113-2

Reviewed by Mark FENWICK, Kyushu University

The sovereign debt crisis that has engulfed the European Union since 2008  has posed and – at the time of writing in early 2015 – continues to pose an existential threat both to the single currency and the whole project of European integration. Much has been written on the economic background, causes and effects of the crisis, but rather less on the meaning of the crisis from the perspective of political science, social theory and the law. The publication of The Future of Europe: Democracy, Legitimacy & Justice After the Euro Crisis is, therefore, to be welcomed as it brings together contributions from a number of disciplines to examine the unfolding crisis and the implications for the future of the euro from a “multi-disciplinary point of view”.  Although the contributors seem sensitive to the dangers of talking about the “future” in the midst of the crisis, the resulting collection provides an important and thought-provoking snapshot of the current state of theoretical and normative debates on recent events and the future prospects for the EU.

[Issue 3 and 4] Article 2: The (Partially) Revised Austrian Passing of Risk Regime: An Example of Fragmentation of Domestic Law as a Consequence of EU Harmonisation

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Stefan WRBKA, Kyushu University

Harmonisation of national private law via European Union (hereinafter EU) directives and regulations undeniably leads to increased legal  defragmentation at the pan-EU (or: inter-Member State) level, i.e., to a greater amount of alignment of (content-wise) similar legal rules used by different European Member States (hereinafter Member States). Depending on the harmonisation level applied by the respective EU instrument, legal defragmentation can take a stronger (maximum / full harmonisation; hereinafter full harmonisation) or weaker (minimum harmonisation) form.

[Issue 3 and 4] Article 1: デンマークの国際平和活動 ―国連・NATO・EU― / Denmark’s Peace Operations: The UN, NATO, and the EU

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五月女律子 北九州市立大学法学部
Ritsuko SAOTOME, The University of Kitakyushu

Denmark has taken part in many United Nations peacekeeping operations. After the end of the Cold War, Denmark has also actively participated in peace support operations led by NATO and the United States. However, Denmark has not sent troops to military crisis management led by the European Union (EU), because Denmark decided to opt out of the common defence of the EU.

[Issue 2] Book Review 1: European Developments in Corporate Criminal Liability

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EUROPEAN DEVELOPMENTS IN CORPORATE CRIMINAL LIABILITY
JAMES GOBERT& ANA-MARIA PASCAL
LONDON: ROUTLEDGE, 2011

Reviewed by Mark FENWICK, Kyushu University

One of the most important changes brought about by the entry into force of the Lisbon Treaty was the introduction of a new framework for European Union criminal law. The problematic characterization of criminal law as belonging to the third “pillar” of the Union and hence an “intergovernmental” issue was finally ended, thus placing criminal law issues on an equal footing with other areas of Union law.

[Issue 2] Article 2: 消費者代表とヨーロッパ共通売買法の草案作成 ―欧州消費者同盟の役割― / Consumer Representation and the Drafting of the Common European Sales Law : The Role of the European Consumers’ Organisation

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シュテファン・ヴルブカ 九州大学国際教育センター/九州大学大学院法学研究院
Stefan WRBKA, Kyushu University

On October 11, 2011, the European Commission presented the Proposal for a Regulation on a Common European Sales Law. The Common European Sales Law was drafted as a fully harmonized pan-European sales law regime, applicable inter alia in cross-border business-to-consumer transactions if the contractual parties agree on its applicability.

[Issue 2] Article 1: The Evolution and Regulation of Venture Capital Funds in Europe

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Erik P.M. VERMEULEN, Tilburg University
Diogo Pereira Dias NUNES, Tilburg University

Venture capital drives innovation, economic growth and job creation.  It is therefore not surprising that ‘venture capital’ is an important theme in the legal and regulatory reforms that have gained momentum in the wake of the recent financial crisis. Clearly, the economic downturn had (and still has) a severe impact on the venture capital industry. What can be done to stimulate venture capital investments and make it better and more accessible to emerging growth companies? Policymakers and regulators are convinced that regulatory interventions should aim at creating a virtuous ‘venture capital cycle’ by (1) boosting venture capital fundraising (particularly from institutional investors), (2) promoting venture capital and other risk capital investments in promising, mostly early-stage growth companies, and (3) encouraging access to capital markets in order to improve liquidity and exit opportunities that enable venture capital funds to return capital to their investors.

[Issue 1] Book Review 1: Between Governing & Governance

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BETWEEN GOVERNING & GOVERNANCE
POUL F. KJAER
OXFORD: HART, 2010

Reviewed by Mark FENWICK, Kyushu University

Poul Kjaer’s Between Governing & Governance is a provocative contribution to contemporary theoretical debates on evolving forms of governance within the European Union (EU). Kjaer’s contention is that over recent decades three new “governance structures” (following Kjaer, GS) have become increasingly prevalent within the EU – namely commitology, the open method of  coordination (OMC) &  independent regulatory agencies – and that these new GS can no longer be understood or explained by reference to the inter-governmental/supranational distinction that has traditionally been used to frame discussion. Instead, Kjaer seeks to suggest that EU governance is an evolving “hybrid structure” consisting of “networks” of traditional hierarchical organizations (such as the Commission, Council and Parliament), intermixed with new “heterarchical” organizational forms.