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The labor of assetization: producing ‘hypergrowth’ inside a tech startup 资产化的劳动:在科技初创企业内部实现 "超速增长
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-09-17 DOI: 10.1093/ser/mwae057
Benjamin Shestakofsky
Venture capitalists maximize profits not by ‘squeezing’ efficiencies out of established companies, but instead by promoting ceaseless experimentation aimed at helping startups achieve ‘hypergrowth’. To date, there is limited empirical evidence of both how startups achieve hypergrowth, and the impact of these practices on organizations and workers. This article draws on 19 months of participant-observation research inside a venture-backed startup I call AllDone to trace the links between the institution of venture capital and the organization of work. Although AllDone executives engaged in cost-cutting strategies common to other financialized firms, they also developed distinctive corporate strategies and organizational structures. Each of the company’s three work teams was organized to perform interdependent functions in support of venture capital’s imperative for rapid and exponential asset value inflation. I conclude with a discussion of the article’s implications for research on venture capital, startup work, and the relationship between financialization and work more broadly.
风险资本家不是通过 "压榨 "老牌公司的效率来实现利润最大化,而是通过推动无休止的实验来帮助初创企业实现 "超速增长"。迄今为止,关于初创企业如何实现超高速增长以及这些做法对组织和员工的影响的经验证据还很有限。本文通过对一家风险投资支持的初创企业(我称之为 AllDone)进行 19 个月的参与观察研究,追溯风险投资机构与工作组织之间的联系。尽管AllDone的高管们采取了其他金融化公司常见的削减成本战略,但他们也制定了与众不同的公司战略和组织结构。该公司的三个工作团队分别履行相互依存的职能,以支持风险资本对资产价值快速、指数式膨胀的要求。最后,我将讨论本文对风险投资、初创企业工作以及更广泛的金融化与工作之间关系研究的启示。
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引用次数: 0
Where are inequalities produced? Comparing the variations of graduate employment between the UK’s districts and universities 不平等在哪里产生?比较英国各地区和各大学毕业生就业率的差异
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-08-30 DOI: 10.1093/ser/mwae052
Yang Yu
This study presents the first set of estimates of inequalities in high-status employment between UK districts and universities. Making use of graduate data from the Higher Education Statistics Agency, this study compares how graduates’ employment and social mobility vary based on their place of origin and the university attended. Inequality and social mobility are measured by the chance of entering a higher professional occupation 15 months after graduation. The results showed that the occupation inequalities between universities were much larger than those between local authority districts, indicating that our higher education system is evidently (re)producing an even greater amount of inequality than spatial disparities. These findings contribute to the emerging academic and policy narrative regarding the social and geographic inequalities in the UK, addressing the inequalities in graduate employment across universities may be crucial in meeting the demands of the labor market and driving upward mobility throughout the country.
本研究首次对英国地区和大学之间高地位就业的不平等现象进行了估算。本研究利用高等教育统计局提供的毕业生数据,比较了毕业生的就业和社会流动性如何因其原籍地和就读大学而有所不同。不平等和社会流动性是通过毕业 15 个月后进入更高专业职业的机会来衡量的。结果显示,大学之间的职业不平等远远大于地方当局地区之间的职业不平等,这表明我们的高等教育体系显然(再)产生了比空间差异更大的不平等。这些研究结果为新出现的有关英国社会和地域不平等的学术和政策论述做出了贡献,解决大学之间毕业生就业不平等问题对于满足劳动力市场需求和推动全国范围内的向上流动至关重要。
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引用次数: 0
The moral accounting of debts: productivity, deservingness and the consensual creation of Chapter XIII bankruptcy 债务的道德核算:生产力、应得性和第 XIII 章破产的合意创建
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-08-01 DOI: 10.1093/ser/mwae047
Nicholas A Pang
Chapter XIII’s wage-earner payment plans are now the default form of personal bankruptcy in the USA. During the Great Depression, it was created as a voluntary choice and enacted with unanimous legislative support. Absent conflict between creditors and labor and social reformers, legislators agreed that Chapter XIII was for the benefit of both honorable insolvents and their fair creditors. How did wage-earner payment plans emerge out of a consensual legislative process? Employing a computational abductive approach on a wide range of legislative, media and bankruptcy records, I show that Chapter XIII’s creation was facilitated by a ‘moral accounting’ that, based on their race and gender identities, positively evaluated most White men bankruptcy petitioners as ‘deserving’, even as it recognized occupational variations in their economic ‘productivity’. This study highlights how racial discourses of ‘deservingness’ are central to the construction of credit markets as part of America’s submerged welfare state.
第 XIII 章的工薪族付款计划现已成为美国默认的个人破产形式。在经济大萧条时期,它是作为一种自愿选择而设立的,并在立法机构的一致支持下颁布实施。在债权人与劳工和社会改革者之间没有冲突的情况下,立法者一致认为第 XIII 章既有利于光荣的破产者,也有利于公平的债权人。工薪族付款计划是如何在协商一致的立法过程中产生的?通过对大量的立法、媒体和破产记录进行计算归纳,我发现第 XIII 章的制定得益于一种 "道德会计",这种 "道德会计 "基于种族和性别身份,对大多数白人男性破产申请人给予了 "应得 "的积极评价,同时也承认了他们在经济 "生产力 "方面的职业差异。本研究强调了 "应得 "的种族论述如何成为构建信贷市场的核心,成为美国被淹没的福利国家的一部分。
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引用次数: 0
Why right-wing governments restrict market competition: a demographic theory 右翼政府为何限制市场竞争:人口理论
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-22 DOI: 10.1093/ser/mwae049
Jingjing Huo
Recent scholarship on the evolution of neoliberalism points out that, despite free market discourse, right-wing rule has often resulted in re-regulation and further market concentration, to the advantage of large corporations. This article argues that such an outcome is not an inevitable result of right-wing incumbency. Instead, I identify an exogenous, demographic, change that prompts right-wing governments to increasingly embrace market concentration: the aging of the workforce, which has intensified the substitution of capital for labor, and as a result, somewhat paradoxically, reduced the amount of pure profits that can be distributed to wealthy households. In response, right-wing governments restrict competition to shore up pure profits. Drawing on data from 14 to 20 OECD countries, I show that as workforce aging intensifies, right partisanship becomes increasingly associated with more regulatory restrictions on competition, greater market concentration, and a greater pure profit share of income.
最近有关新自由主义演变的学术研究指出,尽管有自由市场的论述,但右翼统治往往导致重新管制和市场进一步集中,从而有利于大公司。本文认为,这种结果并非右翼执政的必然结果。相反,我发现了一个促使右翼政府越来越拥护市场集中的外生性人口变化:劳动力老龄化加剧了资本对劳动力的替代,因此,有点自相矛盾的是,可以分配给富裕家庭的纯利润减少了。作为回应,右翼政府限制竞争以支撑纯利润。根据 14 到 20 个经合组织国家的数据,我发现随着劳动力老龄化的加剧,右翼党派越来越多地与更多的竞争监管限制、更高的市场集中度和更大的纯利润收入份额联系在一起。
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引用次数: 0
Countermovements from the core: the assetization of pharmaceuticals, transparency activism and the access to medicines movement 来自核心的反运动:药品资产化、透明度行动主义和获取药品运动
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-05-31 DOI: 10.1093/ser/mwae039
Théo Bourgeron, Susi Geiger
The assetization of essential goods brings to high-income countries the logics of scarcity that have been dominant for long in low-to-middle income countries—fostering the rise of new forms of activism. Will this new activism strengthen already existing social movements or weaken them through more moderate politics? Building on interviews and the observation and mapping of activist events, we investigate this question through the case of pharmaceuticals. We detail how the assetization of pharmaceutical drugs has triggered the constitution of a new ‘flank’ in the access to medicines (A2M) movement—pharmaceutical transparency activism. We argue that transparency activism has expanded the contestation of the pharmaceutical state of affairs, by bringing into the broader A2M movement countries that were previously at the core of global pharmaceutical chains. Our article illuminates how the assetization of essential goods creates forms of activism that have significant impact on existing social movements.
生活必需品的资产化给高收入国家带来了在中低收入国家长期占主导地位的稀缺逻辑,从而促进了新形式的激进主义的兴起。这种新的行动主义是会加强现有的社会运动,还是会通过更加温和的政治来削弱这些运动?在访谈、观察和绘制激进主义活动地图的基础上,我们以制药业为例探讨了这一问题。我们详述了药品资产化如何引发了药品获取(A2M)运动中新 "侧翼 "的形成--药品透明度行动主义。我们认为,透明度行动主义将以前处于全球制药链核心的国家纳入了更广泛的 "药品可及 "运动,从而扩大了对制药现状的质疑。我们的文章阐明了必需品的资产化如何创造出对现有社会运动产生重大影响的激进主义形式。
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引用次数: 0
How does a poor labour market affect inequalities in access to postsecondary education? Empirical evidence from 31 affluent countries 糟糕的劳动力市场如何影响中学后教育机会的不平等?来自 31 个富裕国家的经验证据
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-05-25 DOI: 10.1093/ser/mwae032
Kristina Lindemann, Markus Gangl
This study examines how macroeconomic conditions affect inequality of educational opportunity. Using longitudinal data from 30 European countries and the USA, we study the effect of changing unemployment rates on the extent of social inequality in postsecondary transitions in the period (2004–2016), which includes the Great Recession. The findings from multilevel models with country fixed effects show that rising unemployment rates tend to increase social inequalities in postsecondary transitions, as youth from low-educated families have increased risk for exclusion from both employment and education, while the likelihood of postsecondary enrolment slightly rises for youth from higher-educated families. Yet, economic downturns also incentivize youth whose parents have middle level of education to opt for postsecondary education, especially in contexts where it is more affordable. Our findings suggest that changing opportunity costs and economic insecurity are the relevant factors to explain changing inequalities in access to postsecondary education during a recession.
本研究探讨了宏观经济条件如何影响教育机会的不平等。利用来自 30 个欧洲国家和美国的纵向数据,我们研究了在包括大衰退在内的 2004-2016 年期间,失业率变化对中学后过渡时期社会不平等程度的影响。带有国家固定效应的多层次模型的研究结果表明,失业率上升往往会加剧中学后过渡时期的社会不平等,因为来自低教育程度家庭的青年被排除在就业和教育之外的风险增加,而来自高教育程度家庭的青年进入中学后教育的可能性略有上升。然而,经济不景气也会激励那些父母具有中等教育水平的青少年选择接受中学后教育,尤其是在教育成本更低的情况下。我们的研究结果表明,机会成本的变化和经济不安全是解释经济衰退期间中学后教育机会不平等变化的相关因素。
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引用次数: 0
‘It’s a who-you-know thing’: interactional fraud prevention in non-bank check cashing 这是你认识谁的问题":非银行支票兑现中的互动式欺诈防范
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-05-12 DOI: 10.1093/ser/mwae028
Vance Alan Puchalski
This article demonstrates how presentations of self and the information conveyed within them are a conduit for risk evaluation within the marketplace. Using the case of check cashing, it investigates customer screening within the Detroit area’s most prevalent non-bank check cashing businesses, which are not standalone check cashing outlets but rather corner convenience and liquor stores known as ‘party stores’. Without algorithmic techniques based on hard or quantitative data, how do owners screen customers to prevent fraud? Drawing on 35 months of ethnographic fieldwork, this article uncovers two strategies toward this end: (a) gathering private information about customers through small talk; and (b) assessing check cashers’ presentations of self. Analyzing check cashing and fraud in this setting speaks to theoretical perspectives of risk evaluation by presenting a case of interactional fraud prevention, which highlights the interpersonal, interactional mechanisms through which soft information is exchanged and assessed in ex ante screening.
本文论证了自我介绍及其所传达的信息如何成为市场风险评估的渠道。本文以支票兑现为例,调查了底特律地区最普遍的非银行支票兑现业务的客户筛选情况,这些业务并非独立的支票兑现点,而是被称为 "派对商店 "的街角便利店和酒类商店。没有基于硬数据或定量数据的算法技术,店主如何甄别顾客以防止欺诈?本文通过 35 个月的人种学实地调查,揭示了实现这一目标的两种策略:(a)通过闲聊收集顾客的私人信息;(b)评估支票兑现员的自我介绍。在这一背景下分析支票兑现和欺诈问题,提出了一个互动式欺诈预防案例,强调了事前筛查中交换和评估软信息的人际互动机制,从而与风险评估的理论视角相契合。
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引用次数: 0
Whose firm? Resilience of the German corporate sector to financialization 谁的公司?德国企业部门对金融化的适应力
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-30 DOI: 10.1093/ser/mwae026
Carmen Giovanazzi
We examine how financialization has progressed in the German nonfinancial corporate sector since the 2000s. Using a sample of firms historically listed in the largest German stock market indices, DAX and MDAX, we not only confirm the rise of international passive asset managers but also find a growing prevalence of controlling business families. Although executive pay increasingly consists of equity grants, indicating growing shareholder value orientation, we do not identify corporate financialization in terms of rising share buybacks and payout rates. Instead, ever larger shares of corporate funds are kept inside firms as retained earnings. While firms in the USA ‘downsize-and-distribute’ under the pressure of institutional investors, we hold that German firms ‘save-and-sit-on-it’. Although shaped by the liberalization of corporate governance regulations, this regime still relies on blockholdings and codetermination, while integrating asset managers as new providers of patient capital.
我们研究了 2000 年代以来德国非金融企业部门的金融化进程。通过对德国最大股票市场指数 DAX 和 MDAX 的历史上市公司进行抽样调查,我们不仅证实了国际被动资产管理公司的崛起,还发现控股企业家族日益盛行。虽然高管薪酬越来越多地由股权授予构成,表明股东价值导向日益增强,但我们并没有从股票回购和派息率上升的角度发现企业金融化。相反,越来越多的公司资金作为留存收益留在公司内部。美国企业在机构投资者的压力下 "缩小规模并分配",而我们则认为德国企业 "储蓄并坐享其成"。虽然公司治理法规的自由化对这一制度产生了影响,但它仍然依赖于整体持股和共同决策,同时将资产管理公司整合为新的耐心资本提供者。
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引用次数: 0
Systemic cycles of accumulation and chaos in the world capitalist system: a missing link 世界资本主义体系中积累与混乱的系统循环:缺失的一环
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-12 DOI: 10.1093/ser/mwae007
Giorgos Galanis, Christian Koutny, Isabella Weber
We re-examine the systemic cycles of accumulation (SCA) of Arrighi (2010) and Arrighi and Silver (1999) which provide a framework for the analysis of the cyclical patterns of geographical expansion of trade and production and the related shifts of hegemonic power within the world capitalist system. Within the SCA framework, the last stage of a hegemonic cycle is characterized by what is called ‘systemic chaos’. However, the drivers of these dynamics have not been explicitly analyzed. This article fills this gap by providing a link between the accumulation process and systemic chaos. Introducing the logistic map into the SCA analysis, our approach provides the missing detailed understanding of how systemic chaos is an outcome of the contradictory socioeconomic dynamics of capital accumulation itself while being based on the key insights of the SCA framework of hegemonic cycles.
我们重新审视了 Arrighi(2010 年)和 Arrighi 与 Silver(1999 年)的系统性积累周期(SCA),它为分析贸易和生产的地理扩张周期模式以及世界资本主义体系内霸权的相关转移提供了一个框架。在 SCA 框架内,霸权周期最后阶段的特点是所谓的 "系统性混乱"。然而,这些动态的驱动因素尚未得到明确分析。本文通过提供积累过程与系统混乱之间的联系,填补了这一空白。将逻辑地图引入 SCA 分析,我们的方法提供了缺失的详细理解,即系统性混乱是资本积累本身矛盾的社会经济动态的结果,同时基于霸权周期 SCA 框架的关键见解。
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引用次数: 0
The standard form under pressure? On the ecological reconfiguration of product presentation using the example of consumables 压力下的标准形式?以消耗品为例,探讨产品展示的生态重构
IF 3.7 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-05 DOI: 10.1093/ser/mwae020
Eltje Gajewski, Simon Schrör
This article provides a framework for analyzing valorizations and justifications for ecologically sustainable everyday products. By drawing on theoretical arguments from the French neo pragmatist approach of economics of conventions, especially the idea of enrichment, we develop a typology of valorizations that distinguishes between analytic and narrative presentations. A qualitative empirical analysis of green alternatives to standard consumables, such as coffee, textiles or hygiene products, is used to help explain the strategies by which sustainable products are placed and marketed. We state that sustainable product presentations use a range of established forms of valorization that also affects the justification of their often-higher prices. We conclude that the standard form of consumables comes under pressure while capitalist actors appear to incorporate the growing ecologic critique with a set of ecologic enrichments.
本文提供了一个框架,用于分析生态可持续日常产品的估值和理由。通过借鉴法国新实用主义惯例经济学的理论论点,特别是丰富性的理念,我们建立了一种价值评估类型学,区分了分析性和叙述性的表述。我们对咖啡、纺织品或卫生用品等标准消费品的绿色替代品进行了定性实证分析,以帮助解释可持续产品的投放和营销策略。我们指出,可持续产品的展示采用了一系列既定的价值评估形式,这也影响了其通常较高价格的合理性。我们的结论是,消费品的标准形式受到了压力,而资本主义行为者似乎将日益增长的生态批判与一系列生态丰富性结合起来。
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引用次数: 0
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Socio-Economic Review
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