In this paper, we examine the relation between government ownership and stock price informativeness around the world. Using a sample of privatized firms from 41 countries between 1980 and 2012, we find strong and robust evidence that state ownership is associated with lower firm-level stock price variation, i.e., stock price informativeness. Furthermore, we find that the relation between state ownership and stock price informativeness depends on political institutions. In particular, the adverse effects of state ownership on stock price informativeness are more pronounced in countries with lower political rights (i.e., lower political constraints on the government).
{"title":"State Ownership, Political Institutions, and Stock Price Informativeness: Evidence from Privatization","authors":"Hamdi Ben‐Nasr, J. Cosset","doi":"10.2139/ssrn.2375574","DOIUrl":"https://doi.org/10.2139/ssrn.2375574","url":null,"abstract":"In this paper, we examine the relation between government ownership and stock price informativeness around the world. Using a sample of privatized firms from 41 countries between 1980 and 2012, we find strong and robust evidence that state ownership is associated with lower firm-level stock price variation, i.e., stock price informativeness. Furthermore, we find that the relation between state ownership and stock price informativeness depends on political institutions. In particular, the adverse effects of state ownership on stock price informativeness are more pronounced in countries with lower political rights (i.e., lower political constraints on the government).","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114770013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we study the political and economic determinants of US states' choices of homestead exemptions. We develop a political economy model in which homestead exemptions are ex-post beneficial to borrowers who default (because they shield some of their wealth from creditors) but ex-ante costly to all borrowers (because they increase borrowing costs). Assuming that state residents vote on homestead exemptions, we predict that states with higher levels of income inequality adopt higher levels of homestead exemptions. We test this prediction for three sample periods: cross-sectional data for 1975 and for 1860, and panel data over the 1978-2005 period. Across these three samples, we find evidence consistent with the prediction of the model. Our findings are robust to controls for other differences across states, including state fixed effects (in the panel regressions).
{"title":"The Political Economy of Personal Bankruptcy Law","authors":"V. Gala, J. A. Kirshner, P. Volpin","doi":"10.2139/ssrn.2359591","DOIUrl":"https://doi.org/10.2139/ssrn.2359591","url":null,"abstract":"In this paper we study the political and economic determinants of US states' choices of homestead exemptions. We develop a political economy model in which homestead exemptions are ex-post beneficial to borrowers who default (because they shield some of their wealth from creditors) but ex-ante costly to all borrowers (because they increase borrowing costs). Assuming that state residents vote on homestead exemptions, we predict that states with higher levels of income inequality adopt higher levels of homestead exemptions. We test this prediction for three sample periods: cross-sectional data for 1975 and for 1860, and panel data over the 1978-2005 period. Across these three samples, we find evidence consistent with the prediction of the model. Our findings are robust to controls for other differences across states, including state fixed effects (in the panel regressions).","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116337170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Chinese economy is now the world’s second largest and a key driver of global growth. It amounts to between 10 percent and 15 percent of world GDP (depending on how it is measured) and, in 2011, accounted for about one-quarter of world GDP growth. But among the currencies of the six largest economies in the world, China’s renminbi is the only one that is not traded easily and accepted worldwide - that is, it is not a hard currency. Cash instruments’ values are directly determined by the markets which basically includes securities, loans, deposits, etc. Whereas the derivative instruments derive their value from value of underlying assets such as index, interest rates, asset value, etc. They may also be classified as debt based or equity based. However, such products are still at a preliminary stage of development in China with a relatively small issuance amount.
{"title":"An Overview of International Financial Instruments Issued - China","authors":"Devashish Marwah","doi":"10.2139/SSRN.2310460","DOIUrl":"https://doi.org/10.2139/SSRN.2310460","url":null,"abstract":"The Chinese economy is now the world’s second largest and a key driver of global growth. It amounts to between 10 percent and 15 percent of world GDP (depending on how it is measured) and, in 2011, accounted for about one-quarter of world GDP growth. But among the currencies of the six largest economies in the world, China’s renminbi is the only one that is not traded easily and accepted worldwide - that is, it is not a hard currency. Cash instruments’ values are directly determined by the markets which basically includes securities, loans, deposits, etc. Whereas the derivative instruments derive their value from value of underlying assets such as index, interest rates, asset value, etc. They may also be classified as debt based or equity based. However, such products are still at a preliminary stage of development in China with a relatively small issuance amount.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"155 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124336505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Long term economic growth depends on the institutional setting for economic activity. Sustainable long term growth emerges from institutions which sustain freedom. Quality of the institutional framework can be explored through the index of economic freedom in order to bring closer the relationship between economic freedom and economic prosperity. An outline of empirical and theoretical investigation shows that economic freedom could be an important precondition for economic prosperity. However, there are many reasons why the relationship between economic freedom and economic performance could be sometimes weaker and less significant than the prediction of economic theory. The main reason lies in the fact that indexes of economic freedom presented so far tend to suffer from certain deficiencies with regard to their methodology and content and may therefore lead to insufficient or even wrong economic policy conclusions. As such they cannot be, neither a sufficient indicator of economic freedom itself, either of future economic prosperity.
{"title":"Why Indexes of Economic Freedom Cannot Be Sufficient Indicators of Economic Freedom and Future Economic Prosperity?","authors":"A. Kešeljevič","doi":"10.2139/ssrn.2238765","DOIUrl":"https://doi.org/10.2139/ssrn.2238765","url":null,"abstract":"Long term economic growth depends on the institutional setting for economic activity. Sustainable long term growth emerges from institutions which sustain freedom. Quality of the institutional framework can be explored through the index of economic freedom in order to bring closer the relationship between economic freedom and economic prosperity. An outline of empirical and theoretical investigation shows that economic freedom could be an important precondition for economic prosperity. However, there are many reasons why the relationship between economic freedom and economic performance could be sometimes weaker and less significant than the prediction of economic theory. The main reason lies in the fact that indexes of economic freedom presented so far tend to suffer from certain deficiencies with regard to their methodology and content and may therefore lead to insufficient or even wrong economic policy conclusions. As such they cannot be, neither a sufficient indicator of economic freedom itself, either of future economic prosperity.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"343 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121607863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-02-01DOI: 10.1016/B978-0-444-54314-1.00005-7
Nathan Nunn, Daniel Trefler
{"title":"Domestic Institutions as a Source of Comparative Advantage","authors":"Nathan Nunn, Daniel Trefler","doi":"10.1016/B978-0-444-54314-1.00005-7","DOIUrl":"https://doi.org/10.1016/B978-0-444-54314-1.00005-7","url":null,"abstract":"","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131902812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The most prominent feature of the female labor force across the past hundred years is its enormous growth. But many believe that the increase was discontinuous. Our purpose is to identify the short- and long-run impacts of WWII on the labor supply of women who were currently married in 1950 and 1960. We use mobilization rates for various groups of men (by age, race, fatherhood) to see whether there was a wartime impact. We find that an aggregate mobilization rate produces the largest and most robust impacts on both weeks worked and the labor force participation of married white (non-farm) women. The impact, moreover, was experienced primarily by women in the top half of the education distribution. Women who were married but without children during WWII were the group most impacted by the mobilization rate in 1950, although by 1960 WWII still influenced the labor supply decisions of them as well as those with children during WWII. We end the paper with a resolution between the watershed and revisionist views of the role of WWII on female labor supply.
{"title":"Shocking Labor Supply: A Reassessment of the Role of World War Ii on U.S. Women&Apos;S Labor Supply","authors":"C. Goldin, Claudia Olivetti","doi":"10.1257/AER.103.3.257","DOIUrl":"https://doi.org/10.1257/AER.103.3.257","url":null,"abstract":"The most prominent feature of the female labor force across the past hundred years is its enormous growth. But many believe that the increase was discontinuous. Our purpose is to identify the short- and long-run impacts of WWII on the labor supply of women who were currently married in 1950 and 1960. We use mobilization rates for various groups of men (by age, race, fatherhood) to see whether there was a wartime impact. We find that an aggregate mobilization rate produces the largest and most robust impacts on both weeks worked and the labor force participation of married white (non-farm) women. The impact, moreover, was experienced primarily by women in the top half of the education distribution. Women who were married but without children during WWII were the group most impacted by the mobilization rate in 1950, although by 1960 WWII still influenced the labor supply decisions of them as well as those with children during WWII. We end the paper with a resolution between the watershed and revisionist views of the role of WWII on female labor supply.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"158 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133190915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
N. Ramondo, A. Rodrı́guez-Clare, M. Saborío-Rodríguez
Because of scale effects, idea-based growth models have the counterfactual implication that larger countries should be much richer than smaller ones. New trade models share this same problematic feature: although small countries gain more from trade than large ones, this is not strong enough to offset the underlying scale effects. In fact, new trade models exhibit other counterfactual implications associated with scale effects – in particular, domestic trade shares and relative income levels increase too steeply with country size. We argue that these implications are largely a result of the standard assumption that countries are fully integrated domestically, as if they were a single dot in space. We depart from this assumption by treating countries as collections of regions that face positive costs to trade amongst themselves. The resulting model is largely consistent with the data. For example, for a small and rich country like Denmark, our calibrated model implies a real per-capita income of 81 percent the United States’s, much closer to the data (94 percent) than the trade model with no domestic frictions (40 percent).
{"title":"Trade, Domestic Frictions, and Scale Effects","authors":"N. Ramondo, A. Rodrı́guez-Clare, M. Saborío-Rodríguez","doi":"10.1257/AER.20141449","DOIUrl":"https://doi.org/10.1257/AER.20141449","url":null,"abstract":"Because of scale effects, idea-based growth models have the counterfactual implication that larger countries should be much richer than smaller ones. New trade models share this same problematic feature: although small countries gain more from trade than large ones, this is not strong enough to offset the underlying scale effects. In fact, new trade models exhibit other counterfactual implications associated with scale effects – in particular, domestic trade shares and relative income levels increase too steeply with country size. We argue that these implications are largely a result of the standard assumption that countries are fully integrated domestically, as if they were a single dot in space. We depart from this assumption by treating countries as collections of regions that face positive costs to trade amongst themselves. The resulting model is largely consistent with the data. For example, for a small and rich country like Denmark, our calibrated model implies a real per-capita income of 81 percent the United States’s, much closer to the data (94 percent) than the trade model with no domestic frictions (40 percent).","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127810543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
L'articolo discute il contributo di Aldo Montesano in questo numero, con un focus particolare sulle definizioni di economia e di economia politica. Nel tentativo di rispondere se l'economia e una disciplina morale e se si tratta di una scienza, l'articolo evidenzia che diverse scuole di economisti hanno interpretato e definito in modo diverso cio che riguarda l'economia. Si sottolinea che nessuno di questi approcci e nato ed e ora morto, ma prospettive ancora diverse coesistono. Per questo motivo e importante da un lato consentire il pluralismo e dall'altro non sostenere le rappresentazioni caricaturali della disciplina. The article discusses the contribution by Aldo Montesano in this number, with a special focus on the definitions of economics and of political economy. In trying to answer if economics is a moral discipline and if it is a science, the article highlights that different schools of economists have interpreted and defined differently what economics is concerned with. It is pointed out that none of these approaches was born and is now dead, but rather different perspectives still coexist. For this reason, it is important on the one hand to allow for pluralism and on the other not to endorse caricatured representations of the discipline. JEL: A13, B00, A12
{"title":"Su Che Cos’È L’Economia Politica (On What Economics Is)","authors":"Roberto Cellini","doi":"10.2139/ssrn.3149453","DOIUrl":"https://doi.org/10.2139/ssrn.3149453","url":null,"abstract":"L'articolo discute il contributo di Aldo Montesano in questo numero, con un focus particolare sulle definizioni di economia e di economia politica. Nel tentativo di rispondere se l'economia e una disciplina morale e se si tratta di una scienza, l'articolo evidenzia che diverse scuole di economisti hanno interpretato e definito in modo diverso cio che riguarda l'economia. Si sottolinea che nessuno di questi approcci e nato ed e ora morto, ma prospettive ancora diverse coesistono. Per questo motivo e importante da un lato consentire il pluralismo e dall'altro non sostenere le rappresentazioni caricaturali della disciplina. The article discusses the contribution by Aldo Montesano in this number, with a special focus on the definitions of economics and of political economy. In trying to answer if economics is a moral discipline and if it is a science, the article highlights that different schools of economists have interpreted and defined differently what economics is concerned with. It is pointed out that none of these approaches was born and is now dead, but rather different perspectives still coexist. For this reason, it is important on the one hand to allow for pluralism and on the other not to endorse caricatured representations of the discipline. JEL: A13, B00, A12","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133071426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2011-06-28DOI: 10.1108/01425451111142701
Colin Williams, S. Nadin, Peter Rodgers
Purpose – Since the turn of the millennium, a small corpus of post-structuralist thought has emerged that challenges the dominant belief that capitalism is now hegemonic and that all economic formations are contrasting varieties of capitalism. This paper contributes to the development of this emergent perspective. The aim is to challenge the notion that the Ukrainian economy can be represented as some variety of capitalism by highlighting the shallow permeation of capitalist practices into daily life and the continuing prevalence of multifarious non-capitalist economic practices. Design/methodology/approach – To achieve this, evidence is here reported from a 2005-6 survey that analysed the extent to which 600 households in Ukraine used capitalist and non-capitalist economic practices in their coping tactics. Findings – This reveals not only the limited use of capitalist practices in the everyday coping tactics of households in Ukraine but also how an array of non-capitalist economic practices remain heavily relied on by a majority of households to secure their livelihood. The outcome is a call to tentatively reject the ‘varieties of capitalism’ system of meaning because of what it excludes, prohibits and denies, and to open up the future of post-Soviet Ukraine to other possible trajectories than simply some variety of capitalism.Research limitations – This snapshot survey of the everyday coping practices of households displays only that capitalist practices are not hegemonic and that multifarious economic relations persist and are widespread. It does not show whether or not there is movement towards greater reliance on capitalist practices. Originality/value of paper – It begins through the presentation of evidence on Ukraine to tentatively challenge the application of a ‘varieties of capitalism’ perspective towards Central and Eastern European economies.
{"title":"Beyond a ‘Varieties of Capitalism’ Approach in Central and Eastern Europe: Some Lessons from Ukraine","authors":"Colin Williams, S. Nadin, Peter Rodgers","doi":"10.1108/01425451111142701","DOIUrl":"https://doi.org/10.1108/01425451111142701","url":null,"abstract":"Purpose – Since the turn of the millennium, a small corpus of post-structuralist thought has emerged that challenges the dominant belief that capitalism is now hegemonic and that all economic formations are contrasting varieties of capitalism. This paper contributes to the development of this emergent perspective. The aim is to challenge the notion that the Ukrainian economy can be represented as some variety of capitalism by highlighting the shallow permeation of capitalist practices into daily life and the continuing prevalence of multifarious non-capitalist economic practices. Design/methodology/approach – To achieve this, evidence is here reported from a 2005-6 survey that analysed the extent to which 600 households in Ukraine used capitalist and non-capitalist economic practices in their coping tactics. Findings – This reveals not only the limited use of capitalist practices in the everyday coping tactics of households in Ukraine but also how an array of non-capitalist economic practices remain heavily relied on by a majority of households to secure their livelihood. The outcome is a call to tentatively reject the ‘varieties of capitalism’ system of meaning because of what it excludes, prohibits and denies, and to open up the future of post-Soviet Ukraine to other possible trajectories than simply some variety of capitalism.Research limitations – This snapshot survey of the everyday coping practices of households displays only that capitalist practices are not hegemonic and that multifarious economic relations persist and are widespread. It does not show whether or not there is movement towards greater reliance on capitalist practices. Originality/value of paper – It begins through the presentation of evidence on Ukraine to tentatively challenge the application of a ‘varieties of capitalism’ perspective towards Central and Eastern European economies.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116799421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2011-05-31DOI: 10.1108/14636681111138767
A. Sallah, Colin Williams
Purpose – This paper aims to evaluate critically the meta-narrative that there is no alternative to capitalism. Building upon an emerging body of post-structuralist thought that has begun deconstructing this discourse in relation to western economies and post-Soviet societies, this paper further extends this critique to Sub-Saharan Africa by investigating the degree to which people in the Gambia rely on the capitalist market economy for their livelihood. Reporting the results of 80 household face-to-face interviews (involving over 500 people), the finding is that only a small minority of households in contemporary Gambian society rely on the formal market economy alone to secure their livelihood and that the vast majority depend on a plurality of market and non-market economic practices. The outcome is a call to re-think the lived practices of economic transition in Sub-Saharan Africa in general and the Gambia in particular, so as to open up the feasibility of, and possibilities for, alternative economic futures beyond capitalist hegemony.Design/methodology/approach – Some 80 households (involving over 500 people) were interviewed face-to-face on their livelihood coping strategies.Findings – Reporting the results of 80 household face-to-face interviews (involving over 500 people), the finding is that only a small minority of households in contemporary Gambian society rely on the formal market economy alone to secure their livelihood and that the vast majority depend on a plurality of market and non-market economic practices.Practical implications – The outcome is a call to re-think the lived practices of economic transition in Sub-Saharan Africa in general and the Gambia in particular, so as to open up the feasibility of, and possibilities for, alternative economic futures beyond capitalist hegemony.Originality/value – This research gives us an empirical understanding of the implications of lived experiences of people’s day-to-day livelihood coping strategies, which refutes the capitalist’s thesis and calls of a re-think on economic and sustainable development policies and strategies in Sub-Saharan Africa.
{"title":"The Illusion of Capitalism in Contemporary Sub-Saharan Africa: A Case Study of the Gambia","authors":"A. Sallah, Colin Williams","doi":"10.1108/14636681111138767","DOIUrl":"https://doi.org/10.1108/14636681111138767","url":null,"abstract":"Purpose – This paper aims to evaluate critically the meta-narrative that there is no alternative to capitalism. Building upon an emerging body of post-structuralist thought that has begun deconstructing this discourse in relation to western economies and post-Soviet societies, this paper further extends this critique to Sub-Saharan Africa by investigating the degree to which people in the Gambia rely on the capitalist market economy for their livelihood. Reporting the results of 80 household face-to-face interviews (involving over 500 people), the finding is that only a small minority of households in contemporary Gambian society rely on the formal market economy alone to secure their livelihood and that the vast majority depend on a plurality of market and non-market economic practices. The outcome is a call to re-think the lived practices of economic transition in Sub-Saharan Africa in general and the Gambia in particular, so as to open up the feasibility of, and possibilities for, alternative economic futures beyond capitalist hegemony.Design/methodology/approach – Some 80 households (involving over 500 people) were interviewed face-to-face on their livelihood coping strategies.Findings – Reporting the results of 80 household face-to-face interviews (involving over 500 people), the finding is that only a small minority of households in contemporary Gambian society rely on the formal market economy alone to secure their livelihood and that the vast majority depend on a plurality of market and non-market economic practices.Practical implications – The outcome is a call to re-think the lived practices of economic transition in Sub-Saharan Africa in general and the Gambia in particular, so as to open up the feasibility of, and possibilities for, alternative economic futures beyond capitalist hegemony.Originality/value – This research gives us an empirical understanding of the implications of lived experiences of people’s day-to-day livelihood coping strategies, which refutes the capitalist’s thesis and calls of a re-think on economic and sustainable development policies and strategies in Sub-Saharan Africa.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"183 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124611826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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