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'Animal spirits' is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemics, relationships driving returns change in unforeseeable ways. To deal with uncertainty, investors engage in narratives which simplify the complexity of real-time, non-routine change. This book assesses the novelty-narrative hypothesis for the U.S. stock market by conducting a comprehensive investigation of unscheduled events using big data textual analysis of financial news. This important contribution to the field of narrative economics finds that major macro events and associated narratives spill over into the churning stream of corporate novelty and sub-narratives, spawning different forms of unforeseeable stock market instability.
Rising economic inequality has put capitalism on trial globally. At the same time, existential environmental threats worsen while corporations continue to pollute and distort government policy. These twin crises have converged in calls to revamp government and economic systems and to revisit socialism, given up for dead only 30 years ago. In Capitalism and the Environment, Shi-Ling Hsu argues that such an impulse, if enacted, will ultimately harm the environment. Hsu argues that inequality and environmental calamities are political failures – the result of bad decision-making – and not a symptom of capitalism. Like socialism, capitalism is composed of political choices. This book proposes that we make a different set of choices to better harness the transformative power of capitalism, which will allow us to reverse course and save the environment.
Why do some donor governments pursue international development through recipient governments, while others bypass such local authorities? Weaving together scholarship in political economy, public administration and historical institutionalism, Simone Dietrich argues that the bureaucratic institutions of donor countries shape donor–recipient interactions differently despite similar international and recipient country conditions. Donor nations employ institutional constraints that authorize, enable and justify particular aid delivery tactics while precluding others. Offering quantitative and qualitative analyses of donor decision-making, the book illuminates how donors with neoliberally organized public sectors bypass recipient governments, while donors with more traditional public-sector-oriented institutions cooperate and engage recipient authorities on aid delivery. The book demonstrates how internal beliefs and practices about states and markets inform how donors see and set their objectives for foreign aid and international development itself. It informs debates about aid effectiveness and donor coordination and carries implications for the study of foreign policy, more broadly.
Why was the UK so unprepared for the pandemic, suffering one of the highest death rates and worst economic contractions of the major world economies in 2020? Hilary Cooper and Simon Szreter reveal the deep roots of our vulnerability and set out a powerful manifesto for change post-Covid-19. They argue that our commitment to a flawed neoliberal model and the associated disinvestment in our social fabric left the UK dangerously exposed and unable to mount an effective response. This is not at all what made Britain great. The long history of the highly innovative universal welfare system established by Elizabeth I facilitated both the industrial revolution and, when revived after 1945, the postwar Golden Age of rising prosperity. Only by learning from that past can we create the fairer, nurturing and empowering society necessary to tackle the global challenges that lie ahead - climate change, biodiversity collapse and global inequality.
This volume brings together leading political scientists to explore the distinctive features of the American political economy. The introductory chapter provides a comparatively informed framework for analyzing the interplay of markets and politics in the United States, focusing on three key factors: uniquely fragmented and decentralized political institutions; an interest group landscape characterized by weak labor organizations and powerful, parochial business groups; and an entrenched legacy of ethno-racial divisions embedded in both government and markets. Subsequent chapters look at the fundamental dynamics that result, including the place of the courts in multi-venue politics, the political economy of labor, sectional conflict within and across cities and regions, the consolidation of financial markets and corporate monopoly and monopsony power, and the ongoing rise of the knowledge economy. Together, the chapters provide a revealing new map of the politics of democratic capitalism in the United States.
Militant groups often use violence, perversely, to gain attention and resources. In this book, the authors analyze how terrorist and rebel organizations compete with one another to secure funding and supporters. The authors develop a strategic model of competitive violence among militant groups and test the model's implications with statistical analysis and case studies. A series of model extensions allow the authors to incorporate the full range of strategic actors, focusing in particular on government efforts to counter and deter violence. The results indicate that the direct effects of competition are not as clear as they may seem, and interventions to alter competitive incentives may backfire if states are not careful. This is a timely contribution to a growing body of political economy research on militant group fragmentation, rivalry, fratricide and demonstrative violence.
Although today's richest countries tend to have long histories of secure private property rights, legal-titling projects do little to improve the economic and political well-being of those in the developing world. This book employs a historical narrative based on secondary literature, fieldwork across thirty villages, and a nationally representative survey to explore how private property institutions develop, how they are maintained, and their relationship to the state and state-building within the context of Afghanistan. In this predominantly rural society, citizens cannot rely on the state to enforce their claims to ownership. Instead, they rely on community-based land registration, which has a long and stable history and is often more effective at protecting private property rights than state registration. In addition to contributing significantly to the literature on Afghanistan, this book makes a valuable contribution to the literature on property rights and state governance from the new institutional economics perspective.
From unemployment to Brexit to climate change, capitalism is in trouble and ill-prepared to cope with the challenges of the coming decades. How did we get here? While contemporary economists and policymakers tend to ignore the political and social dimensions of capitalism, some of the great economists of the past - Adam Smith, Friedrich List, John Maynard Keynes, Joseph Schumpeter, Karl Polanyi and Albert Hirschman - did not make the same mistake. Leveraging their insights, sociologists John L. Campbell and John A. Hall trace the historical development of capitalism as a social, political, and economic system throughout the twentieth and early twenty-first centuries. They draw comparisons across eras and around the globe to show that there is no inevitable logic of capitalism. Rather, capitalism's performance depends on the strength of nation-states, the social cohesion of capitalist societies, and the stability of the international system - three things that are in short supply today.
Sri Lanka's apparel sector holds an enviable place in the imaginary of its competitors for having a niche position amongst global retailers, given its claims of producing 'garments without guilt'. Exploitative labour conditions are not part of the industry's portfolio – ethicality, eco-friendly production and unblemished conditions of work are. Sri Lanka's transition away from a protracted ethnic war has meant that the industry portrays itself as investing in the former war zone to create jobs without reflection on how its vaunted mantle, the deployment of ethical codes effectively, themselves may be under duress. This book uses an analytical framing informed by labour and feminist perspectives to explore how labour struggles in the post-1977 period in Sri Lanka provided important resistance to capitalist processes and continue to shape the industry both within and outside of the shop floor. It studies contextual moments in the country's recent history to rupture the dominant narrative and record the centrality of labour in the success of the country's apparel industry.
Alongside debates over rising inequalities, the stubbornness of urban poverty, globally, has emerged as a major academic and policy concern. Urban poverty policy positions are typically framed by paradigms of basic services and welfare. In the backdrop of Bangalore's evolution into India's silicon valley, the book presents research spanning old, inner city slums, new migrant settlements in urban peripheries, slum development projects, and garment export and construction workers, highlighting that intergenerationally, the urban poor remain tied to traditional low paying occupations, or, get incorporated into new urban growth channels (export industries, low end services) under highly unfavourable terms and conditions. Using the concepts of the old and the new poor, to explore channels of inclusion and exclusion, the book underscores that the poor's vulnerabilities are defined by different regimes of informality. Debates on the urban poor's political agency are used to problematize informality's complex relationship to contemporary theories of class.
India initiated liberal economic reforms in 1991 to transform a slow-growing, state-led economy into an open, export-oriented industrialising economy. Though economic growth has accelerated, industrialisation has suffered from the manufacturing sector's share and labour intensive sectors failing to improve in India's exports. The government launched the Make in India initiative in 2015 aimed at raising the manufacturing sector's share in GDP to 25 percent, and to create an additional 100 million jobs by 2022. Though official estimates show an optimistic image of small scale industries, they do not explain why India failed to boost industrial production as expected of the reforms. Why did they fail to keep the domestic market, let alone expand exports? What would it take to meet the ambitious policy goals of the initiative? This book attempts to address these questions. It looks at a series of case studies of the small industry to obtain an in-depth understanding of specific industries and locations to draw meaningful conclusions.
Nationalism is among the most influential ideas that has shaped the 'Metamorphoses of the Political' in the long twentieth century. This book focuses on exclusivist Indian nationalism and identifies its distinction from inclusivist nationalism. It highlights shifts in 'another Indian nationalism' over the last two centuries as the geopolitical context has transitioned from the Pax Britannica to the Pax Americana and its war on terror. The books braids the following three strands together: first, a majoritarian nationalist ideology called Hindutva; second, the making of popular history as a precolonial epic is highlighted, depicting the defeat of the last Hindu Emperor by a conquering Muslim Sultan purportedly leading to eight centuries of Hindu enslavement and third, the 'reconversion' of a community by the Visva Hindu Parishad with consequences for Lived Hinduism and Indic civilisation with its complex identities.
This book presents the main economic argument developed by Marx in the three volumes of Capital in a coherent and comprehensive manner. The first part presents the main economic argument contained in the Capital in a coherent and comprehensive manner. It also delves into three long-standing debates in Marxist political economy: the transformation problem, the Okishio theorem, and theories of exploitation and oppression. Starting with discussions of methodology, including dialectics and historical materialism, the book explains key concepts of Marxist political economy: commodity, value, money, capital, reserve army of labour, accumulation of capital, circuit of capital, reproduction schemas, prices of production, profit, interest and rent. Scholars of economics, sociology, geography, political science, anthropology, and other kindred disciplines, will find here an accessible yet rigorous treatment of Marxist political economy.
China has promised to invest more than $60billion in Pakistan, in roads, rail, energy and a deep-water port at Gwadar. This is unprecedented relative to decades of minimal foreign direct investment (FDI) entering Pakistan. This is the China-Pakistan Economic Corridor (CPEC). Support for CPEC in Pakistan is widespread and encompasses much of academia, the military, the mainstream political leadership, and civil society. Supporters argue that CPEC offers the potential to transform Pakistan and support rapid, equitable and sustainable economic growth. Detractors of CPEC argue that it will more likely tip Pakistan into a dependent debt-relationship with China and that it will facilitate more Chinese imports into Pakistan posing a threat to Pakistan's industrial base. This book utilises an in-depth understanding of economic change in contemporary China and Pakistan, and economic theory and studies of big infrastructure projects from the contemporary and historical world to evaluate these contrasting views about CPEC.
One of the most important political and economic challenges facing Europe and elsewhere is the ageing of societies. Must ageing populations create conflict between generations and crisis for health systems? Our answer is no. The problem is not so much demographic change as the political and policy challenge of creating fair, sustainable and effective policies for people of all ages. This book, based on a large European Observatory study, uses new evidence to challenge some of the myths surrounding ageing and its effects on economies and health systems. Cataclysmic views of population ageing are often based on stereotypes and anecdotes unsupported by evidence. How we address ageing societies is a choice. Societies can choose policies that benefit people of all ages, promoting equity both within and between generations, and political coalitions can be built to support such policies. This title is available as Open Access on Cambridge Core.
China's overseas financing is a distinct form of patient capital that marshals the country's vast domestic resources to create commercial opportunities internationally. Its long-term risk tolerance and lack of policy conditionality has allowed developing economies to sidestep the fiscal austerity tendencies of Western markets and multilaterals. Employing statistical tests and extensive field research across China and Latin America, Stephen Kaplan finds that China's patient capital endows national governments with more room to maneuver in formulating domestic policies. The author goes on to evaluate the potential costs of Chinese financing, raising the question of how Chinese lenders will react to developing nation's ongoing struggles with debt and dependency. By disaggregating the structure of international finance, Globalizing Patient Capital has significant implications for the rise of China in Latin America, offering new insights about globalization and showing the costs and benefits of state versus market approaches to development.