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This chapter extends the previous ones by examining the constraints that the natural environment imposes on economic development over the long period. The congestion of the (finite-sized) planet Earth is examined, as well as the consequences of environmental damages on the possibilities of long-run economic expansion.
In this chapter, we explore the phenomenon of homeless squatting on empty land through the prism of ownership and owners, and reflect on how the changing nature and conceptions of ownership have re-shaped the norms and narratives of absent ownership. We begin by examining “ownership” as a scaled concept: building on our approach in Chapter 6, we explore how the registers of scale – and, particularly, the dynamics of “upscaling” and “downscaling” – reveal the multiple layers of meaning, values and interactions within the frame of ownership: between individual (absent owners) and institutional (the law of ownership; the institution of private property) stakeholders, and between these interests, squatters, and the state. We reflect on how the character of ownership, and of owners, have changed since the 1970s, resulting in the emergence of the “investor model” of owner-occupation, and the normalization of small-scale landlordism and property development. We consider the resilience needs of absent owners, and examples of state action in relation to unlawful occupation that allocates resilience to absentee owners. Finally, we begin to reflect on the impact of absenteeism on neighborhoods, and the relationships between absentee owners and owner-neighbors.
This introductory chapter reviews how researchers across a range of disciplines have critically reassessed their conceptions of language and of the relationship between language and identity, especially in multilingual or superdiverse contexts. Key elements of the ‘multilingual turn’ are elaborated, including the focus on the construction and negotiation of identity and the view of languages as part of a multimodal repertoire, thereby broadening and problematizing the definition of multilingualism. In a second section, the terminology used to describe multilingual speakers and practices is analysed, and its relation to the values and identities ascribed to them is assessed. The chapter then presents the three major themes around which the volume is structured: situated multilingualism and identity, multilingual identity practices and multilingual identity and investment. The final section explores the extent to which interdisciplinarity is represented both within the chapters and across the volume, and how far ‘integration’ and ‘common ground’, considered key aims for successful interdisciplinary work, have been possible.
The analysis and understanding of multilingualism, and its relationship to identity in the face of globalization, migration and the increasing dominance of English as a lingua franca, makes it a complex and challenging problem that requires insights from a range of disciplines. With reference to a variety of languages and contexts, this book offers fascinating insights into multilingual identity from a team of world-renowned scholars, working from a range of different theoretical and methodological perspectives. Three overarching themes are explored – situatedness, identity practices, and investment – and detailed case studies from different linguistic and cultural contexts are included throughout. The chapter authors' consideration of 'multilingualism-as-resource' challenges the conception of 'multilingualism-as-problem', which has dogged so much political thinking in late modernity. The studies offer a critical lens on the types of linguistic repertoire that are celebrated and valued, and introduce the policy implications of their findings for education and wider social issues.
The formation and maintenance of stable pair-bonds is an important strategy in the human mating repertoire. Ancestral men may have benefited from forming pair-bonds under certain circumstances by increasing offspring success, facilitating paternity certainty, and securing the future sexual access, reproductive resources, and parental investment of their partner. Yet the expected benefits to be gained through maintaining a pair-bond or pursuing alternative strategies, such as emphasizing a short-term mating strategy, switching mates, or pursuing other activities, can be difficult to assess and are ever-changing. The emotion of commitment is argued to act as a superordinate psychological program, coordinating lower-level adaptations to direct attention, process information, and produce behavioral output. Existing social psychological theories of relationship commitment, including attachment theory, interdependence theory, and the investment model, provide a framework for organizing the relevant information in the environment, the reproductive costs and benefits of competing options, and the behavioral strategies appropriate to pursuing different outcomes. In this chapter, I review the features of these models and the empirical evidence each has produced, and attempt to frame each of them in terms of an evolved psychological program for pursuing various reproductive strategies based on environmental cues.
The U.S. Agency for International Development has invested limited funds in international agricultural research through U.S. universities. We present a meta-analysis of impact case studies from this investment. The median net present value of economic impacts at purchasing power parity is PPP$8.4 billion compared to a cumulative investment of US$1.24 billion over 1978–2018. About four-fifths of these economic benefits accrued to individuals with incomes under $5.50/day and about 29% to those in extreme poverty. In addition to these limited case studies evaluating financial benefits and costs, we present several types of additional non-economic benefits.
This chapter explores the consequences of patchwork forms of state authority on subnational development outcomes, primarily in India but also in Pakistan and Bangladesh. It presents two key mechanisms in state–society relations in the economy – commodification and investment – that have economic consequences for growth and human development. It then demonstrates the impact of the patchwork state on different measures of growth and human development, both between and within Indian states. It broadens this discussion out to consider South Asia in comparative perspective, explaining the starkly different trajectories of Pakistan and Bangladesh through the preponderance of different forms of governance. The chapter concludes with a discussion of the relationship among development, violence, and the patchwork state.
The chapter examines institutional investor stewardship in Malaysia from three perspectives: the code, its context and challenges. It outlines the history and background of Malaysian institutional investor stewardship, culminating in the Malaysian Code for Institutional Investors (MCII). The chapter then analyses the MCII stewardship principles and its oversight in detail. A subsequent section of the chapter appraises the Malaysian stewardship journey by evaluating the adoption of the MCII by asset owners and asset managers through a review of their compliance statements. The chapter further sets out the broader context which these institutional investors operate within. It highlights the prevalence of Government Linked Investment Companies (GLICs) and Government Linked Companies (GLCs), which are arguably a result of Malaysia’s characterisation as an emerging economy and a developmental state. The chapter notes that the impetus for the MCII was driven by industry in accordance with the Corporate Governance Blueprint. However, what constitutes industry in Malaysia is inextricably linked to the state via its ownership and control of GLICs and GLCs. Therefore, apart from concerns about the quality of stewardship statements and ownership engagement, structural issues such as the breadth and depth of state ownership and control of institutional investors challenge effective stewardship practice.
For those countries or industries in which a rise in (measured) market power actually translates into an effective restriction of competition and increasing profits, as it seems to be the case for the US, a significant slowdown of investment, business dynamism, fall in labour share and wages has been observed. The latter in turn has several policy implications, from obvious considerations of reduced consumers' welfare, to low productivity growth, to severe implications for the transmission mechanism of monetary policy. However, one has to question the nature of such an increase in market power. If the latter stems from “good” market forces in which industries experience a reallocation of economic activities towards the largest and most productive firms, as some research shows, a debate opens up on the necessary reform of competition policies.
Markets are taken as the norm in economics and in much of political and media discourse. But if markets are superior why does the public sector remain so large? Avner Offer provides a distinctive new account of the effective temporal limits on private, public, and social activity. Understanding the Private–Public Divide accounts for the division of labour between business and the public sector, how it changes over time, where the boundaries ought to run, and the harm that follows if they are violated. He explains how finance forces markets to focus on short-term objectives and why business requires special privileges in return for long-term commitment. He shows how a private sector policy bias leads to inequality, insecurity, and corruption. Integrity used to be the norm and it can be achieved again. Only governments can manage uncertainty in the long-term interests of society, as shown by the challenge of climate change.
The WTO must have new rules that meets the needs of the new commercial economy that has arisen since the establishment of the WTO. New trade rules for the twenty-first century are necessary for digital trade, trade-related aspects of intellectual property, competition, and investment facilitation.
The starting point is the observation that some states are and have been unhappy with certain BITs that include ISDS provisions. Based on a dataset on renegotiated and terminated BITs, the authors ask if this is the case. The initial evidence indicates that states have not made a systematic effort over the years to recalibrate their BITs for the purpose of preserving more regulatory space. In fact, most renegotiations either leave ISDS provisions unchanged or render them more investor-friendly. Nevertheless, the authors find that this is beginning to change, as recent renegotiations are more likely to circumscribe ISDS in ways that preserve more state regulatory space.
This chapter provides an account of ways that experimental methods can be used to uncover and identify decision-making biases. Investment arbitration tribunals derive their legitimacy from different normative, sociological and political processes than standing courts. In great part, these tribunals rely on tacit norms of behaviour among arbitration professionals. Understanding what factors affect how arbitrators make decisions in these kinds of adjudicative settings is essential in assessing critiques concerning the quality or correctness of their decisions and especially their independence and impartiality. The authors describe a promising alternative empirical strategy that utilizes survey experiments conducted on arbitration professionals to test bias claims. It discusses also how researchers can design experimental vignettes to mimic specific aspects of the arbitration process that are difficult to observe or manipulate in the real world context.
The legitimacy of ISDS appears to depend in part on an expectation that it benefits smaller businesses, not just large multinationals and the super-wealthy. This chapter collects data on size and wealth of the foreign investors that have brought claims and received monetary awards due to ISDS. Categories for the size and wealth of foreign investors are compared to the size of damage awards, which helps determine that the primary beneficiaries in ISDS cases have been companies with annual revenue exceeding US$1 billion and individuals with net wealth in excess of US$100 million. The main finding is that the beneficiaries of ISDS-ordered financial transfers, in the aggregate, have overwhelmingly been wealthy individual investors and large companies – and especially extra-large companies. The authors also note that the awards gained by small companies are not so different from their legal costs.
Supporters of ISDS often justify the continued existence of ISDS on the basis that disputes are denationalized, thus keeping foreign investors out of domestic courts which may lack independence, be less efficient, or are biased against foreigners. This justification, unwittingly perhaps, strengthens a perception that foreign investors proceed directly to the international sphere. However, this chapter finds that many investors do avail themselves of domestic courts prior to an ISDS case and asks why this is the case. Looking at two states with transitional judiciaries and two states with well-functioning judiciaries, the author uncovers a rich data on the impressive scope of claims brought by foreign investors in the host states where they are investing; and Gáspár-Szilágyi concludes with some reflections on the role of domestic litigation in the legitimation of ISDS. (This abstract needs development)
The rapid growth in investor–state dispute settlement has sparked a decades-long legitimacy crisis in the international investment regime. The upshot is that concerns over foreign investor success in arbitration proceedings, from levels of compensation to lack of arbitral diversity and independence, has prompted wide-ranging reform efforts and even calls to abolish this treaty-based system. In the context of this historical and contemporary debate, the authors describe the importance of assessing empirically the claims and counter-claims about the regime’s absence of legitimacy. The chapter begins with an overview of the different types of legitimacy (normative, sociological, legitimation) and discusses how and to what extent empirical research can contribute to assessing legitimacy claims. The different chapters of the book, which is structured largely according to legitimacy categories, are then introduced and the piece concludes with some reflections on the overall themes and way forward for empirical research.
Trump’s America First Energy Plan, which focuses on oil and gas expansion and rolling back regulations, promised to insulate the US economy from the volatile global oil market. In reality, the US shale oil industry, operating within the global oil markets, suffered contractions when oil supplier nations’ price wars caused global oil prices to crash. While the plan promised to bring Americans jobs and prosperity, predicating economic development on oil and gas extraction is a dubious strategy for several reasons. The shale industry, which contributed to the recent boom and expected future production, suffers from a shaky financial foundation. Even prior to COVID-19, traditional investors had begun cutting lending to shale companies and bankruptcies were accelerating. In March 2020, under Congress’s COVID-19 financial rescue package, the Trump administration executed a bailout for the oil and gas industry that shifted financial losses to American taxpayers without securing companies’ agreements to keep workers employed. The bailout replicates the decades-long economic model of the industry, which privatizes profits to the companies, while socializing the costs from the industry, through tax preferences and subsidies for the industry and through various laws that favor extraction over those that suffer from the industry’s adverse impacts.
There is a critique that investment arbitration undermines or hampers the development of national legal institutions. By providing a forum for foreign investors separate and distinct from local courts, critics argue, ISDS removes any incentive for foreign investors to promote the development of local legal institutions. This chapter sets out an account of how investment arbitration might affect development of local legal institutions, in particular international commercial arbitration and, perhaps, domestic arbitration. The authors find that while both the number of investment agreements and investment arbitration proceedings to which a state is a party is negatively related to the rule of law in the state, the presence of an indicator for support for international commercial arbitration – adoption of the UNCITRAL Model Law on International Commercial Arbitration – essentially offsets that negative relationship.
Critics have raised concerns that investment arbitration tribunals treat like cases differently – raising problems of consistency – and different cases the same – creating problems of correctness. Using network analyses of case citations, this chapter examines an observable selection of what a tribunal considers to be ‘relevant’ precedent. The author finds that tribunals are more concerned with consistency than correctness, with many tribunals citing precedents based on textually dissimilar treaties. However, this is contrary to what states consider the priority in ISDS reform debates – in which correctness is higher than consistency in the hierarchy of policy preferences. The chapter concludes that states can resolve that mismatch by hard-coding their policy preferences into institutional design. It is argued that, as part of the ISDS reform, states should make the ordering between correctness and consistency considerations explicit when reshaping adjudicatory authority in future ISDS institutions.
Any assessment of the international investment regime and its legitimacy crisis requires a preliminary understanding of their important and relevant features. However, the sprawling nature of both defies most doctrinal and qualitative attempts at description. The regime is based on a decentralized network of legal instruments, different procedural mechanisms and ad hoc proceedings, while the accompanying chorus of critique and counter-critique is populated with multiple actors and interests across the world. This chapter seeks to capture this distinct and fragmented universe. First, the authors map consent to arbitration, not on a generic per signed bilateral investment treaty basis, but rather by tracking multilateral, bilateral and unilateral consents in force. Second, they provide a description and overview of the over 1,100 registered cases up to January 2020, focusing inter alia on case outcomes, rules, cases types, institution, parties, economic sector and legal basis. Third, they trace discontent with regime, charting the origin of legitimacy crisis and its maturing over time. It ends by discussing both state-led efforts at reform and the extent to which arbitrators themselves have adjusted reflexively to the backlash.