Pub Date : 2022-02-25DOI: 10.1177/10245294211060408
G. Labrinidis, D. Lindo
Between 2010 and 2015 Greek banks received capital injections as part of an EU-led rescue package that left the Greek state with large losses on their investments and a debt to repay; in the most acute moments of the crisis the European central bank twice forced the Bank of Greece to assume sole responsibility for any losses on lending to Greek banks, and; in 2015 Greek banks were subject to EU-mandated controls that restricted the transformation of Greek bank deposits into Euros in other forms. Why did European banking infrastructure leave the Greek state facing losses and liabilities alone, while still full members of the EU and Euro Area (EA)? We find that European banking infrastructure is combined-but-not-unified, and that integration requires both. Drawing on Marxist political economy we examine the financial mechanisms in detail and find a scalar split in state provision of banking infrastructure in the EU/EA. At the supranational level, the removal of barriers to cross-border banking and a common rule book. Meanwhile, promises of monetary support, such as deposit guarantees and lending of last resort have largely remained the responsibility of nation states. The combined-but-not-unified structure ensured that when crisis struck, Greece was isolated, yet still fully part of the EU/EA.
在2010年至2015年期间,作为欧盟主导的纾困计划的一部分,希腊各银行接受了注资,这让希腊政府的投资出现了巨额亏损,并需要偿还债务;在危机最严重的时刻,欧洲央行两次迫使希腊央行(bank of Greece)承担向希腊银行放贷的任何损失的全部责任;2015年,希腊银行受到欧盟强制控制,限制将希腊银行存款转换为其他形式的欧元。为什么欧洲的银行基础设施让希腊政府独自面对损失和债务,而它仍然是欧盟和欧元区(EA)的正式成员?我们发现,欧洲银行基础设施是组合的,但不是统一的,而一体化需要两者兼而有之。利用马克思主义政治经济学,我们详细研究了金融机制,并发现欧盟/欧洲经济区国家提供银行基础设施方面存在标量分裂。在超国家层面,消除跨境银行业务的障碍,制定共同的规则手册。与此同时,货币支持的承诺,如存款担保和最后贷款,在很大程度上仍是各民族国家的责任。这种合并但不统一的结构确保了,当危机袭来时,希腊是孤立的,但仍是欧盟/欧洲经济区的完整成员。
{"title":"From “combined-but-not-unified” to “integrated isolation” - Greek banking in Europe 2010–2015","authors":"G. Labrinidis, D. Lindo","doi":"10.1177/10245294211060408","DOIUrl":"https://doi.org/10.1177/10245294211060408","url":null,"abstract":"Between 2010 and 2015 Greek banks received capital injections as part of an EU-led rescue package that left the Greek state with large losses on their investments and a debt to repay; in the most acute moments of the crisis the European central bank twice forced the Bank of Greece to assume sole responsibility for any losses on lending to Greek banks, and; in 2015 Greek banks were subject to EU-mandated controls that restricted the transformation of Greek bank deposits into Euros in other forms. Why did European banking infrastructure leave the Greek state facing losses and liabilities alone, while still full members of the EU and Euro Area (EA)? We find that European banking infrastructure is combined-but-not-unified, and that integration requires both. Drawing on Marxist political economy we examine the financial mechanisms in detail and find a scalar split in state provision of banking infrastructure in the EU/EA. At the supranational level, the removal of barriers to cross-border banking and a common rule book. Meanwhile, promises of monetary support, such as deposit guarantees and lending of last resort have largely remained the responsibility of nation states. The combined-but-not-unified structure ensured that when crisis struck, Greece was isolated, yet still fully part of the EU/EA.","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"27 1","pages":"143 - 162"},"PeriodicalIF":3.9,"publicationDate":"2022-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48886860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-01DOI: 10.1177/10245294211060123
D. Monaco
Over the last decade, the succession of financial crisis, neoliberal reform processes, and emergence of anti-establishment and far-right political forces has become a familiar pattern across Europe. But in few countries has it been as striking as in Italy. After the 2018 national elections, the anti-establishment Five-Star Movement (M5S) and the far-right League joined forces to form a government characterised by its rejection of past neoliberalising reforms and by its defiant stance towards European Union fiscal rules. The League’s victory in the latest European elections confirmed its ascendance and its centrality in the Italian political landscape. This article examines these developments in light of the recent trajectory of the Italian political economy and investigates whether the rise of these parties, and particularly the League, marked a break with the post-2011 neoliberalisation process. Analysis of the M5S-League government’s action indicates that these forces can further neoliberalisation processes together with a mix of anti-migration and welfare chauvinist measures. Moreover, an investigation of the political-economic project of the League shows that far-right parties can advance ‘nation-based’ neoliberalisation processes.
{"title":"The rise of anti-establishment and far-right forces in Italy: Neoliberalisation in a new guise?","authors":"D. Monaco","doi":"10.1177/10245294211060123","DOIUrl":"https://doi.org/10.1177/10245294211060123","url":null,"abstract":"Over the last decade, the succession of financial crisis, neoliberal reform processes, and emergence of anti-establishment and far-right political forces has become a familiar pattern across Europe. But in few countries has it been as striking as in Italy. After the 2018 national elections, the anti-establishment Five-Star Movement (M5S) and the far-right League joined forces to form a government characterised by its rejection of past neoliberalising reforms and by its defiant stance towards European Union fiscal rules. The League’s victory in the latest European elections confirmed its ascendance and its centrality in the Italian political landscape. This article examines these developments in light of the recent trajectory of the Italian political economy and investigates whether the rise of these parties, and particularly the League, marked a break with the post-2011 neoliberalisation process. Analysis of the M5S-League government’s action indicates that these forces can further neoliberalisation processes together with a mix of anti-migration and welfare chauvinist measures. Moreover, an investigation of the political-economic project of the League shows that far-right parties can advance ‘nation-based’ neoliberalisation processes.","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"27 1","pages":"224 - 243"},"PeriodicalIF":3.9,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46932214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-27DOI: 10.1177/10245294211068102
A. Ganguly, R. Vasudevan
A distinct feature of the India’s path of financial liberalization is that it led to the emergence of the corporate, non-financial sector, rather than the financial sector as the key wedge for the penetration of global finance. Neoliberal reforms eroded the traditional role of development banks and state-directed credit and empowered a section of large corporations and non-financial companies in India. The partial, calibrated path to capital account liberalization has meant that this section of the Indian non-financial corporate sector, rather than the commercial banking system came to be the conduit integrating the Indian economy with international financial markets. Where the Indian state had earlier harnessed finance towards developmental priorities, it shifted to channeling finance in service of the internationally embedded segment of the corporate sector that enjoys disproportionate access to both the domestic financial system and international financial markets. JEL CodesE44 G32, F65
{"title":"Financial liberalization and the Indian non-financial, corporate sector","authors":"A. Ganguly, R. Vasudevan","doi":"10.1177/10245294211068102","DOIUrl":"https://doi.org/10.1177/10245294211068102","url":null,"abstract":"A distinct feature of the India’s path of financial liberalization is that it led to the emergence of the corporate, non-financial sector, rather than the financial sector as the key wedge for the penetration of global finance. Neoliberal reforms eroded the traditional role of development banks and state-directed credit and empowered a section of large corporations and non-financial companies in India. The partial, calibrated path to capital account liberalization has meant that this section of the Indian non-financial corporate sector, rather than the commercial banking system came to be the conduit integrating the Indian economy with international financial markets. Where the Indian state had earlier harnessed finance towards developmental priorities, it shifted to channeling finance in service of the internationally embedded segment of the corporate sector that enjoys disproportionate access to both the domestic financial system and international financial markets. JEL CodesE44 G32, F65","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"27 1","pages":"74 - 93"},"PeriodicalIF":3.9,"publicationDate":"2022-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44542175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-20DOI: 10.1177/10245294211059138
Asbjørn Karlsen, H. B. Lund, M. Steen
Specialized clusters rely on common knowledge resources and extra-cluster linkages, but how such resources develop over time is unclear. A case in point is how extra-cluster linkages are integrated into intra-cluster networks and the role of different cluster actors in enhancing cluster absorptive capacity. The paper explores the role of cluster intermediaries in linking clusters to external knowledge sources and contributing to knowledge dissemination among cluster firms. This perspective is relevant as manufacturing firms are facing rapid changes in technology, such as those associated with ‘Industry 4.0’. Two manufacturing clusters in Norway are studied regarding cluster absorptive capacities and the role of cluster intermediaries. The authors derive two types of cluster intermediaries with different kinds of service provision well-adjusted to the firm structure. Cluster intermediaries in both cluster contexts can assist firms in tracking and adapting to rapid technological developments.
{"title":"The roles of intermediaries in upgrading of manufacturing clusters: Enhancing cluster absorptive capacity","authors":"Asbjørn Karlsen, H. B. Lund, M. Steen","doi":"10.1177/10245294211059138","DOIUrl":"https://doi.org/10.1177/10245294211059138","url":null,"abstract":"Specialized clusters rely on common knowledge resources and extra-cluster linkages, but how such resources develop over time is unclear. A case in point is how extra-cluster linkages are integrated into intra-cluster networks and the role of different cluster actors in enhancing cluster absorptive capacity. The paper explores the role of cluster intermediaries in linking clusters to external knowledge sources and contributing to knowledge dissemination among cluster firms. This perspective is relevant as manufacturing firms are facing rapid changes in technology, such as those associated with ‘Industry 4.0’. Two manufacturing clusters in Norway are studied regarding cluster absorptive capacities and the role of cluster intermediaries. The authors derive two types of cluster intermediaries with different kinds of service provision well-adjusted to the firm structure. Cluster intermediaries in both cluster contexts can assist firms in tracking and adapting to rapid technological developments.","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"27 1","pages":"3 - 21"},"PeriodicalIF":3.9,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42206702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-09DOI: 10.1177/10245294211049501
R. Labanino
{"title":"Gábor Scheiring, The Retreat of Liberal Democracy: Authoritarian Capitalism and the Accumulative State in Hungary","authors":"R. Labanino","doi":"10.1177/10245294211049501","DOIUrl":"https://doi.org/10.1177/10245294211049501","url":null,"abstract":"","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"27 1","pages":"247 - 250"},"PeriodicalIF":3.9,"publicationDate":"2021-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49515200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-23DOI: 10.1177/10245294211044314
Alexis Moraitis
The post-2008 era saw a return of the manufacturing fetish, the idea that manufacturing constitutes the flywheel of growth without which no nation can thrive. Across the Global North and South, voices are calling to reverse deindustrialization and revive manufacturing. While today deindustrialization is met with anxiety, in the 1930s economists predicted deindustrialization but interpreted it as a liberating process leading to a post-industrial age based on material abundance and widespread economic security. Far from delivering this vision, deindustrialization actually produces a precarious economic order driven by labour precarity, economic stagnation and lost development opportunities for the Global South. What can be termed the Baumolian and Kaldorian frameworks, attribute this precarious reality to services’ inability to replace manufacturing as a growth engine given their technologically stagnant nature. However, this article argues that, by focusing on the technical aspects of service economies, such views overlook the social limits of the capitalist economy and its historically specific conception of wealth, value. As capitalism matures, productivity becomes an increasingly inadequate form of augmenting social wealth as it results in great increases in physical output but counterintuitively undermines the expansion of value. Capitalism is underpinned by a secular movement towards declining dynamism, as it increasingly struggles to maintain its former economic vigour. Stagnation and heightened labour precarity are not merely the product of tertiarization but symptoms of capitalism’s declining trajectory.
{"title":"From the post-industrial prophecy to the de-industrial nightmare: Stagnation, the manufacturing fetish and the limits of capitalist wealth","authors":"Alexis Moraitis","doi":"10.1177/10245294211044314","DOIUrl":"https://doi.org/10.1177/10245294211044314","url":null,"abstract":"The post-2008 era saw a return of the manufacturing fetish, the idea that manufacturing constitutes the flywheel of growth without which no nation can thrive. Across the Global North and South, voices are calling to reverse deindustrialization and revive manufacturing. While today deindustrialization is met with anxiety, in the 1930s economists predicted deindustrialization but interpreted it as a liberating process leading to a post-industrial age based on material abundance and widespread economic security. Far from delivering this vision, deindustrialization actually produces a precarious economic order driven by labour precarity, economic stagnation and lost development opportunities for the Global South. What can be termed the Baumolian and Kaldorian frameworks, attribute this precarious reality to services’ inability to replace manufacturing as a growth engine given their technologically stagnant nature. However, this article argues that, by focusing on the technical aspects of service economies, such views overlook the social limits of the capitalist economy and its historically specific conception of wealth, value. As capitalism matures, productivity becomes an increasingly inadequate form of augmenting social wealth as it results in great increases in physical output but counterintuitively undermines the expansion of value. Capitalism is underpinned by a secular movement towards declining dynamism, as it increasingly struggles to maintain its former economic vigour. Stagnation and heightened labour precarity are not merely the product of tertiarization but symptoms of capitalism’s declining trajectory.","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"26 1","pages":"513 - 532"},"PeriodicalIF":3.9,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42148881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-13DOI: 10.1177/10245294211043355
Kyunghoon Kim
This paper analyses the performance and appropriateness of the Indonesian government’s ‘good governance’ institutional reform aimed at stimulating infrastructure construction. During the 15 years after the 1997 Asian financial crisis, the government attempted to strengthen formal institutions with the goal of improving public investment efficiency and attracting private investors. By analysing policies in the construction industry in terms of company registration, procurement and state enterprises, the paper finds that the outcome was far from what was expected by technocratic-bureaucratic reform promoters as interest groups frequently succeeded in capturing the new institutional system. This paper then challenges the dominant narrative that overwhelmingly blames incomplete institutional reform for Indonesia’s slow infrastructure construction. Given the inherent market failure and political challenges in institutional reform, the paper argues that passive developmentalist policies, which resulted in conflictual state–business relations and insufficient public investment, were a prime cause that then set the stage for the emergence of state-led infrastructure development strategy from the mid-2010s.
{"title":"Analysing Indonesia’s infrastructure deficits from a developmentalist perspective","authors":"Kyunghoon Kim","doi":"10.1177/10245294211043355","DOIUrl":"https://doi.org/10.1177/10245294211043355","url":null,"abstract":"This paper analyses the performance and appropriateness of the Indonesian government’s ‘good governance’ institutional reform aimed at stimulating infrastructure construction. During the 15 years after the 1997 Asian financial crisis, the government attempted to strengthen formal institutions with the goal of improving public investment efficiency and attracting private investors. By analysing policies in the construction industry in terms of company registration, procurement and state enterprises, the paper finds that the outcome was far from what was expected by technocratic-bureaucratic reform promoters as interest groups frequently succeeded in capturing the new institutional system. This paper then challenges the dominant narrative that overwhelmingly blames incomplete institutional reform for Indonesia’s slow infrastructure construction. Given the inherent market failure and political challenges in institutional reform, the paper argues that passive developmentalist policies, which resulted in conflictual state–business relations and insufficient public investment, were a prime cause that then set the stage for the emergence of state-led infrastructure development strategy from the mid-2010s.","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"27 1","pages":"115 - 142"},"PeriodicalIF":3.9,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42436105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-13DOI: 10.1177/10245294211045453
M. Crossa
Contrary to the triumphalist rhetoric that describes the automotive industry as a lever for both regional development in North America and industrial upgrading in Mexico, this article argues that the formation of the Mexico–U.S. automotive complex has instead been consolidated on the basis of longstanding processes of uneven regional development. To make this argument, the paper examines how global economic restructuring, trade policies, domestic economic development processes, transnational firm decision making and the maintenance of the geopolitical border have reproduced extreme wage differences between the United States and Mexico, resulting in the creation of a regional automotive sector that is both highly integrated and highly unequal. In this scenario, both nations are home to profoundly different industrial landscapes: the U.S. hosts the highest value-added links of the production chain, monopolizing processes of innovation and scientific and technological knowledge production, while in contrast, Mexico manufactures the most labour intense and lowest value-added links of the automotive production chain. From this perspective, the Mexican economy can be essentially understood as an export manufacturing platform which derives its ‘competitiveness’ from the aggressive industry maintenance of low wages.
{"title":"Contorting transformations: Uneven impacts of the U.S.–Mexico automotive industrial complex","authors":"M. Crossa","doi":"10.1177/10245294211045453","DOIUrl":"https://doi.org/10.1177/10245294211045453","url":null,"abstract":"Contrary to the triumphalist rhetoric that describes the automotive industry as a lever for both regional development in North America and industrial upgrading in Mexico, this article argues that the formation of the Mexico–U.S. automotive complex has instead been consolidated on the basis of longstanding processes of uneven regional development. To make this argument, the paper examines how global economic restructuring, trade policies, domestic economic development processes, transnational firm decision making and the maintenance of the geopolitical border have reproduced extreme wage differences between the United States and Mexico, resulting in the creation of a regional automotive sector that is both highly integrated and highly unequal. In this scenario, both nations are home to profoundly different industrial landscapes: the U.S. hosts the highest value-added links of the production chain, monopolizing processes of innovation and scientific and technological knowledge production, while in contrast, Mexico manufactures the most labour intense and lowest value-added links of the automotive production chain. From this perspective, the Mexican economy can be essentially understood as an export manufacturing platform which derives its ‘competitiveness’ from the aggressive industry maintenance of low wages.","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"26 1","pages":"533 - 553"},"PeriodicalIF":3.9,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43971441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Craig Berry, Julie Froud and Tom Barker (eds), The Political Economy of Industrial Strategy in the UK","authors":"Inga Rademacher","doi":"10.2307/j.ctv1mvw8s5","DOIUrl":"https://doi.org/10.2307/j.ctv1mvw8s5","url":null,"abstract":"","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"26 1","pages":"653 - 655"},"PeriodicalIF":3.9,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46018072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-10DOI: 10.1177/10245294211044039
Inga Rademacher
Reviewed by: Inga Rademacher, King’s College London, UK
审稿人:英加·拉德马赫,伦敦国王学院,英国
{"title":"Craig Barry, Julie Froud and Tom Barker (eds), The Political Economy of Industrial Strategy in the UK","authors":"Inga Rademacher","doi":"10.1177/10245294211044039","DOIUrl":"https://doi.org/10.1177/10245294211044039","url":null,"abstract":"<b>Reviewed by:</b> Inga Rademacher, King’s College London, UK","PeriodicalId":46999,"journal":{"name":"Competition & Change","volume":"14 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138534101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}