We consider analogs of Yang-Mills theories for non-semisimple real Lie
algebras which admit invariant non-degenerate metrics. These 4-dimens
ional theories have many similarities with corresponding WZW models in
2 dimensions and Chem-Simons theories in 3 dimensions. In particular,
the quantum effective action contains only a 1-loop term with a diver
gent part that can be eliminated by a field redefinition. The on-shell
scattering amplitudes are thus finite (scale invariant). This is a co
nsequence of the presence of a null direction in the field space metri
c: one of the field components is a Lagrange multiplier which 'freezes
out' quantum fluctuations of the 'conjugate' field. The non-positivit
y of the metric implies that these theories are apparently non-unitary
. However, the special structure of interaction terms (degenerate comp
ared to non-compact YM theories) suggests that there may exist a unita
ry 'truncation'. We discuss in detail the simplest theory based on the
4-dimensional algebra E(2)(c). The quantum part of its effective acti
on is expressed in terms of a 1-loop effective action of SU(2) gauge t
heory. The E(2)(c) model can also be described as a special limit of t
he SU(2) x U(1) YM theory with a decoupled ghost-like U(1) field.