Pub Date : 2023-05-30DOI: 10.1177/0308518x231176553
S. Ponte, Valentina De Marchi, M. Bettiol, Eleonora Di Maria
Much of the literature on environmental sustainability in global value chains (GVCs) focuses on how ‘lead firms’ (usually global buyers or retailers) can improve the environmental conditions of production among their various layers of suppliers. This approach focuses on the vertical governance dynamics of environmental upgrading along with GVCs. In our contribution, we emphasize the role of horizontal governance as a driver that underpins environmental upgrading processes. These horizontal elements include institutional support, pressure from civil society groups and political dynamics at the local level – which have been relatively overlooked in this literature so far. We examine environmental upgrading in Italian wine value chains, focusing on the fast-growing but environmentally-contested Prosecco and Valpolicella districts. Our analysis suggests that firms within the same industry may follow different processes of environmental upgrading – through certification, going ‘back to tradition’, technological innovation and/or as an articulation of local politics – also depending on their size. We conclude that horizontal governance is playing a more important role than previously thought in shaping environmental upgrading and provide some suggestions for future research in this realm.
{"title":"The horizontal governance of environmental upgrading: Lessons from the Prosecco and Valpolicella wine value chains in Italy","authors":"S. Ponte, Valentina De Marchi, M. Bettiol, Eleonora Di Maria","doi":"10.1177/0308518x231176553","DOIUrl":"https://doi.org/10.1177/0308518x231176553","url":null,"abstract":"Much of the literature on environmental sustainability in global value chains (GVCs) focuses on how ‘lead firms’ (usually global buyers or retailers) can improve the environmental conditions of production among their various layers of suppliers. This approach focuses on the vertical governance dynamics of environmental upgrading along with GVCs. In our contribution, we emphasize the role of horizontal governance as a driver that underpins environmental upgrading processes. These horizontal elements include institutional support, pressure from civil society groups and political dynamics at the local level – which have been relatively overlooked in this literature so far. We examine environmental upgrading in Italian wine value chains, focusing on the fast-growing but environmentally-contested Prosecco and Valpolicella districts. Our analysis suggests that firms within the same industry may follow different processes of environmental upgrading – through certification, going ‘back to tradition’, technological innovation and/or as an articulation of local politics – also depending on their size. We conclude that horizontal governance is playing a more important role than previously thought in shaping environmental upgrading and provide some suggestions for future research in this realm.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"16 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89712769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-26DOI: 10.1177/0308518x231168396
L. Johnson, Tahira Shariff Mohamed, I. Scoones, M. Taye
Amidst climatic and economic volatility, agricultural development and climate adaptation policies have increasingly turned to weather microinsurance to manage uncertainties, particularly in dryland pastoral and agricultural settings. While the political embrace of insurance has been cause for concern amongst those who fear insurance will undermine embedded coping mechanisms and moral economies, economists have puzzled over low insurance adoption rates amongst target populations. This article argues for an approach that scrutinizes insurance in relation to dynamic social practices and norms for responding to uncertainty. We employ this approach to investigate pastoralists’ encounters with index-based livestock insurance in Northern Kenya and Southern Ethiopia. Drawing on interview, ethnographic, and survey data, we demonstrate how insurance is understood within larger moral economies and collective imaginaries for living with and managing uncertainty in the drylands. Relational understandings shape pastoralists’ participation in risk-sharing arrangements, collective and individual decisions about livestock insurance purchase, and eventual uses of insurance payouts. Payouts also support a broad array of social reproductive purposes and investments in social and political life. As we conclude, these findings upset the binary between formal and informal insurance, revealing how “formal” index insurance must be negotiated with embedded social affiliations, rights, obligations, and understandings of uncertainty.
{"title":"Uncertainty in the drylands: Rethinking in/formal insurance from pastoral East Africa","authors":"L. Johnson, Tahira Shariff Mohamed, I. Scoones, M. Taye","doi":"10.1177/0308518x231168396","DOIUrl":"https://doi.org/10.1177/0308518x231168396","url":null,"abstract":"Amidst climatic and economic volatility, agricultural development and climate adaptation policies have increasingly turned to weather microinsurance to manage uncertainties, particularly in dryland pastoral and agricultural settings. While the political embrace of insurance has been cause for concern amongst those who fear insurance will undermine embedded coping mechanisms and moral economies, economists have puzzled over low insurance adoption rates amongst target populations. This article argues for an approach that scrutinizes insurance in relation to dynamic social practices and norms for responding to uncertainty. We employ this approach to investigate pastoralists’ encounters with index-based livestock insurance in Northern Kenya and Southern Ethiopia. Drawing on interview, ethnographic, and survey data, we demonstrate how insurance is understood within larger moral economies and collective imaginaries for living with and managing uncertainty in the drylands. Relational understandings shape pastoralists’ participation in risk-sharing arrangements, collective and individual decisions about livestock insurance purchase, and eventual uses of insurance payouts. Payouts also support a broad array of social reproductive purposes and investments in social and political life. As we conclude, these findings upset the binary between formal and informal insurance, revealing how “formal” index insurance must be negotiated with embedded social affiliations, rights, obligations, and understandings of uncertainty.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"3 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83016492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-22DOI: 10.1177/0308518x231166953
Shu-Mei Huang, Lijin Yao
This research attends to how urban tenants bring matong (toilets in the form of urine buckets)—which are a material, semiotic, and marketable piece of infrastructure—into the debates over the remaking of a heritage district in Hongkou, Shanghai. Challenges abound for the site, which is occupied by prewar buildings where Jewish refugees found shelter during the war and more than 10 thousand Chinese tenants moved in after the Jews left. Until 2020, the dilapidated buildings accommodated an aging population of tenants who wish to stay relevant to the redevelopment vision of Shanghai and a variety of community business, including urban waste recycling. To find a crack in the state-led, neoliberal system, the tenants managed to exercise infrapolitics—an everyday form of resistance—over an urban infrastructure that is of particular significance to their bio-well-being and beyond. We analyze a set of spatial politics on sanatory infrastructure in Hongkou to understand how the tenants are desperately capitalizing on their disadvantages and reassembling memories, waste, and housing inequality into something more promising from below. The theorization of infra-bio-urbanism upon toilets sheds light on the accumulating anxiety upon housing inequality and infrastructural mobility in globalizing cities in China and beyond.
{"title":"Right to toilets? infra-bio-urbanism over human waste, memories, and housing inequality","authors":"Shu-Mei Huang, Lijin Yao","doi":"10.1177/0308518x231166953","DOIUrl":"https://doi.org/10.1177/0308518x231166953","url":null,"abstract":"This research attends to how urban tenants bring matong (toilets in the form of urine buckets)—which are a material, semiotic, and marketable piece of infrastructure—into the debates over the remaking of a heritage district in Hongkou, Shanghai. Challenges abound for the site, which is occupied by prewar buildings where Jewish refugees found shelter during the war and more than 10 thousand Chinese tenants moved in after the Jews left. Until 2020, the dilapidated buildings accommodated an aging population of tenants who wish to stay relevant to the redevelopment vision of Shanghai and a variety of community business, including urban waste recycling. To find a crack in the state-led, neoliberal system, the tenants managed to exercise infrapolitics—an everyday form of resistance—over an urban infrastructure that is of particular significance to their bio-well-being and beyond. We analyze a set of spatial politics on sanatory infrastructure in Hongkou to understand how the tenants are desperately capitalizing on their disadvantages and reassembling memories, waste, and housing inequality into something more promising from below. The theorization of infra-bio-urbanism upon toilets sheds light on the accumulating anxiety upon housing inequality and infrastructural mobility in globalizing cities in China and beyond.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"16 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83406463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-10DOI: 10.1177/0308518x231174026
Michael McCanless
Alternative credit scores have become an increasingly important tool for lenders to assess risk and authorize investment in consumer debt. Using alternative data and processing techniques that leverage machine learning (ML) and Artificial Intelligence (AI), these models are designed to bypass existing barriers to risk-based pricing, which is the idea that financial institutions offer different interest rates to consumers based on their likelihood of default. Through an algorithmic audit of one lender's (Upstart) credit scoring model, I find that alternative data, particularly whether an applicant has a bachelor's degree, strongly impacted loan outcomes. This raises important equity concerns about overhauling lending criteria via opaque models that restructure the logic of risk assessment. In following the logic of risk assessment generated by Upstart's model, I also audit three fintech-bank partnerships and examine the balance sheets of banks providing capital via Upstart's platform. This is done to demonstrate rising capital allocation to these types of loans at banks engaged in fintech-bank partnerships, in one case rising from 0.14% to 15.6% of the banks’ balance sheet over three years. My analysis shows that alternative credit scoring systems function as a key piece of calculative infrastructure, which allows some institutions to bypass barriers to risk-based pricing, and becomes an infrastructural site for tech startups to partner with financial institutions seeking out new sources of revenue.
{"title":"Banking on alternative credit scores: Auditing the calculative infrastructure of U.S. consumer lending","authors":"Michael McCanless","doi":"10.1177/0308518x231174026","DOIUrl":"https://doi.org/10.1177/0308518x231174026","url":null,"abstract":"Alternative credit scores have become an increasingly important tool for lenders to assess risk and authorize investment in consumer debt. Using alternative data and processing techniques that leverage machine learning (ML) and Artificial Intelligence (AI), these models are designed to bypass existing barriers to risk-based pricing, which is the idea that financial institutions offer different interest rates to consumers based on their likelihood of default. Through an algorithmic audit of one lender's (Upstart) credit scoring model, I find that alternative data, particularly whether an applicant has a bachelor's degree, strongly impacted loan outcomes. This raises important equity concerns about overhauling lending criteria via opaque models that restructure the logic of risk assessment. In following the logic of risk assessment generated by Upstart's model, I also audit three fintech-bank partnerships and examine the balance sheets of banks providing capital via Upstart's platform. This is done to demonstrate rising capital allocation to these types of loans at banks engaged in fintech-bank partnerships, in one case rising from 0.14% to 15.6% of the banks’ balance sheet over three years. My analysis shows that alternative credit scoring systems function as a key piece of calculative infrastructure, which allows some institutions to bypass barriers to risk-based pricing, and becomes an infrastructural site for tech startups to partner with financial institutions seeking out new sources of revenue.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"9 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77131603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-09DOI: 10.1177/0308518x231167865
Sara Nelson, M. Ramana
This paper examines the shifting fortunes of the Diablo Canyon Nuclear Power Plant in California to better understand how asset owners are dealing with an increasingly-significant problem in changing energy landscapes: the devaluation of large fixed capital assets. In 2016, Pacific Gas and Electric Company announced a Joint Proposal to retire the Diablo Canyon plant by 2025, the result of a negotiated compromise with labor unions, environmental and community groups. Heralded by many commentators as a model for “just transitions” in the energy sector, this agreement has lately been called into question as new subsidies and political coalitions have emerged to support for the plant's continued operation. This paper investigates the political and economic conditions for the Joint Proposal as an example of “negotiated devaluation,” aiming to understand why and how this strategy took shape, and what lessons it offers for other transition processes. Linking literatures on just transitions and devaluation in the energy sector, we show how negotiated devaluation may offer an emerging strategy for owners of energy assets to manage decline in a changing energy landscape. The case also demonstrates the political contingency of these coalitions and the transitions they subtend, and the limited dimensions of justice that might be affirmed in them.
{"title":"Managing decline: Devaluation and just transition at Diablo Canyon nuclear power plant","authors":"Sara Nelson, M. Ramana","doi":"10.1177/0308518x231167865","DOIUrl":"https://doi.org/10.1177/0308518x231167865","url":null,"abstract":"This paper examines the shifting fortunes of the Diablo Canyon Nuclear Power Plant in California to better understand how asset owners are dealing with an increasingly-significant problem in changing energy landscapes: the devaluation of large fixed capital assets. In 2016, Pacific Gas and Electric Company announced a Joint Proposal to retire the Diablo Canyon plant by 2025, the result of a negotiated compromise with labor unions, environmental and community groups. Heralded by many commentators as a model for “just transitions” in the energy sector, this agreement has lately been called into question as new subsidies and political coalitions have emerged to support for the plant's continued operation. This paper investigates the political and economic conditions for the Joint Proposal as an example of “negotiated devaluation,” aiming to understand why and how this strategy took shape, and what lessons it offers for other transition processes. Linking literatures on just transitions and devaluation in the energy sector, we show how negotiated devaluation may offer an emerging strategy for owners of energy assets to manage decline in a changing energy landscape. The case also demonstrates the political contingency of these coalitions and the transitions they subtend, and the limited dimensions of justice that might be affirmed in them.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"72 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85857313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-09DOI: 10.1177/0308518x231169288
Philip Völlers, Thomas Neise, Philip Verfürth, M. Franz, Felix Bücken, K. Schumacher
Until the so-called GPN 2.0 approach placed it on the research agenda, risk had played a subordinate role in the literature on global production networks (GPN). In GPN 2.0, Knight's economic notion of risk is applied and defined as rationally calculable, in contrast to uncertainties. However, this still dominant conceptualization of risk falls short of an actor-centered focus, which is a focal point of the GPN 2.0 approach. Therefore, we advocate for a stronger conceptual integration of a social constructivist premise with a spatio-relational understanding of risk to enhance the explanatory power of GPN risk. This article highlights that GPN risk needs to be framed as becoming causally significant in the perception and expectations of organizational decision-makers. We argue that the organization-environment interaction causes the production and constitution of risk. In pursuit of an integrative research design, we develop a multi-scalar framework based on a performative risk narrative perspective.
{"title":"Revisiting risk in the Global Production Network approach 2.0 - Towards a performative risk narrative perspective","authors":"Philip Völlers, Thomas Neise, Philip Verfürth, M. Franz, Felix Bücken, K. Schumacher","doi":"10.1177/0308518x231169288","DOIUrl":"https://doi.org/10.1177/0308518x231169288","url":null,"abstract":"Until the so-called GPN 2.0 approach placed it on the research agenda, risk had played a subordinate role in the literature on global production networks (GPN). In GPN 2.0, Knight's economic notion of risk is applied and defined as rationally calculable, in contrast to uncertainties. However, this still dominant conceptualization of risk falls short of an actor-centered focus, which is a focal point of the GPN 2.0 approach. Therefore, we advocate for a stronger conceptual integration of a social constructivist premise with a spatio-relational understanding of risk to enhance the explanatory power of GPN risk. This article highlights that GPN risk needs to be framed as becoming causally significant in the perception and expectations of organizational decision-makers. We argue that the organization-environment interaction causes the production and constitution of risk. In pursuit of an integrative research design, we develop a multi-scalar framework based on a performative risk narrative perspective.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"4 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88147022","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-08DOI: 10.1177/0308518X231172201
Nina Ebner
Economic geographers have long emphasized the ways in which borders are central to capitalism's uneven development. Yet even as scholarship outlines how borders are central devices for the articulation of the global political economy, they often are framed as functional to the system's immanent dynamics or as theoretical devices, with borderlands invisibilized as complex sites and spaces in their own right. Drawing on Margaret Ramírez's concept of a borderland analytic, I ask what a position from the U.S.–Mexico borderlands might help us to understand about capitalism's uneven development, both in particular and more generally. On the one hand, a borderland analytic connotes an empirical return to border spaces as a way to reconstruct how the border, and processes of bordering, underpin the creation of relational (and racialized) hierarchies that assign differential value to human life, labor, and place in the borderlands, effectively underwriting the forms of economic devaluation key to the region's ‘competitiveness’ in a restructuring global economy. On the other hand, a borderland analytic connotes a methodological orientation to the work that borders do as a part of processes of uneven development more broadly, which evolves through the (re)ordering and recoding of sociospatial differences, rather than from their elimination.
{"title":"A borderland analytic: Thinking uneven development from the U.S.–Mexico borderlands","authors":"Nina Ebner","doi":"10.1177/0308518X231172201","DOIUrl":"https://doi.org/10.1177/0308518X231172201","url":null,"abstract":"Economic geographers have long emphasized the ways in which borders are central to capitalism's uneven development. Yet even as scholarship outlines how borders are central devices for the articulation of the global political economy, they often are framed as functional to the system's immanent dynamics or as theoretical devices, with borderlands invisibilized as complex sites and spaces in their own right. Drawing on Margaret Ramírez's concept of a borderland analytic, I ask what a position from the U.S.–Mexico borderlands might help us to understand about capitalism's uneven development, both in particular and more generally. On the one hand, a borderland analytic connotes an empirical return to border spaces as a way to reconstruct how the border, and processes of bordering, underpin the creation of relational (and racialized) hierarchies that assign differential value to human life, labor, and place in the borderlands, effectively underwriting the forms of economic devaluation key to the region's ‘competitiveness’ in a restructuring global economy. On the other hand, a borderland analytic connotes a methodological orientation to the work that borders do as a part of processes of uneven development more broadly, which evolves through the (re)ordering and recoding of sociospatial differences, rather than from their elimination.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"36 1","pages":"1080 - 1088"},"PeriodicalIF":4.2,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73672674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-07DOI: 10.1177/0308518x231156611
Matthew Archer
The outsize influence of asset managers raises important questions about the relationship between fund managers and the companies in which they are invested, with recent theorists of asset manager capitalism suggesting an emergent disinterest in the performance of individual firms among large asset managers. Investors’ growing focus on environmental, social, and governance (ESG) data in financial decisions offers one window into this relationship. Drawing on interviews with the ESG team and a group of portfolio managers at a large European bank, I argue that ESG analysis is seen as valuable not because of some unique social, environmental, or even financial benefits, but because it helps asset managers more effectively govern the companies in which they are invested by objectifying and depoliticizing their interventions in the governance of invested companies. This contributes to emerging theories of asset manager capitalism by calling attention to the strategies asset managers develop to exercise control over invested companies.
{"title":"Governing through ESG and the green spirit of asset manager capitalism","authors":"Matthew Archer","doi":"10.1177/0308518x231156611","DOIUrl":"https://doi.org/10.1177/0308518x231156611","url":null,"abstract":"The outsize influence of asset managers raises important questions about the relationship between fund managers and the companies in which they are invested, with recent theorists of asset manager capitalism suggesting an emergent disinterest in the performance of individual firms among large asset managers. Investors’ growing focus on environmental, social, and governance (ESG) data in financial decisions offers one window into this relationship. Drawing on interviews with the ESG team and a group of portfolio managers at a large European bank, I argue that ESG analysis is seen as valuable not because of some unique social, environmental, or even financial benefits, but because it helps asset managers more effectively govern the companies in which they are invested by objectifying and depoliticizing their interventions in the governance of invested companies. This contributes to emerging theories of asset manager capitalism by calling attention to the strategies asset managers develop to exercise control over invested companies.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"57 6 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90679971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-07DOI: 10.1177/0308518x231174023
Zhenfa Li, Fulong Wu, Fangzhu Zhang
Local government bonds (LGBs) have become the most important tool of the Chinese state for financing infrastructure projects. The underwriters and investors in LGBs are mostly commercial banks, with state actors holding the overwhelming majority of shares. We call these state-controlled market actors. This article investigates the role of state-controlled market actors in LGB issuance to extend the understanding of state actors and state–market relations in the financialisation of urban governance. The findings show that they underwrite and invest in LGBs to support the government's development objectives and make profits. They can hardly affect the government to create the terms and conditions of bonds to favour their financial interests, but they manage to make substantial profits. They follow the policy trends to identify LGBs as risk-free and reflexively change their investment priority towards the bonds. Due to the low interest rates, the banks mainly profit from bond trading in the secondary market and fiscal fund investment. There are preferential policies for LGB trading in the secondary market, and local governments deposit fiscal funds in the banks to motivate them to do LGB business. We argue that reflexively making investment decisions according to the policy environment and making profits by exploiting political resources represented by preferential policies and fiscal funds show the adaptability of the state-controlled market actors.
{"title":"Adaptable state-controlled market actors: Underwriters and investors in the market of local government bonds in China","authors":"Zhenfa Li, Fulong Wu, Fangzhu Zhang","doi":"10.1177/0308518x231174023","DOIUrl":"https://doi.org/10.1177/0308518x231174023","url":null,"abstract":"Local government bonds (LGBs) have become the most important tool of the Chinese state for financing infrastructure projects. The underwriters and investors in LGBs are mostly commercial banks, with state actors holding the overwhelming majority of shares. We call these state-controlled market actors. This article investigates the role of state-controlled market actors in LGB issuance to extend the understanding of state actors and state–market relations in the financialisation of urban governance. The findings show that they underwrite and invest in LGBs to support the government's development objectives and make profits. They can hardly affect the government to create the terms and conditions of bonds to favour their financial interests, but they manage to make substantial profits. They follow the policy trends to identify LGBs as risk-free and reflexively change their investment priority towards the bonds. Due to the low interest rates, the banks mainly profit from bond trading in the secondary market and fiscal fund investment. There are preferential policies for LGB trading in the secondary market, and local governments deposit fiscal funds in the banks to motivate them to do LGB business. We argue that reflexively making investment decisions according to the policy environment and making profits by exploiting political resources represented by preferential policies and fiscal funds show the adaptability of the state-controlled market actors.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"14 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90759851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-01DOI: 10.1177/0308518x231170193
L. Cirolia, R. Sitas, A. Pollio, Alexis Gatoni Sebarenzi, P. Guma
The rise of digital platforms in urban Africa has been rightfully critiqued as an example of global techno-capital seeking new frontiers of profit among precarious lives and from fragile infrastructures. However, this techno-pessimistic reading of so-called “platform urbanism” leaves us with a bleak outlook on the future of the African city as a mere site of accumulation and exploitation. In this article, in contrast, we offer a more ambivalent analysis of a compelling trend in several African cities: the platformization of motorcycle taxis. Our focus is on Kigali and Nairobi two cities that have been celebrated as “Silicon Savannahs” for their commitment to digital innovation, and where motorcycle taxis have long contributed to the regular movement of people and goods. Deploying a Southern urban perspective on the digitization of these mobility systems, we make two contributions to platform urbanism debates. First, we show that this phenomenon dovetails two decades of supply-side, developmental investments in the connectivity infrastructure upon which platforms rely and are predicated. Second, we show that platform urbanism is not simply a case of global technologies landing in Africa. It is characterized by a proliferation of experiments in which domestic and international capital coalesce, platforms intersect in dynamic ways with informal economies, and local adaptations are necessary for survival. Overall, we argue that the platformization of motorcycles in these cities (and arguably others) constitutes a dynamic and evolving landscape that requires more careful conceptual and empirical attention.
{"title":"Silicon Savannahs and motorcycle taxis: A Southern perspective on the frontiers of platform urbanism","authors":"L. Cirolia, R. Sitas, A. Pollio, Alexis Gatoni Sebarenzi, P. Guma","doi":"10.1177/0308518x231170193","DOIUrl":"https://doi.org/10.1177/0308518x231170193","url":null,"abstract":"The rise of digital platforms in urban Africa has been rightfully critiqued as an example of global techno-capital seeking new frontiers of profit among precarious lives and from fragile infrastructures. However, this techno-pessimistic reading of so-called “platform urbanism” leaves us with a bleak outlook on the future of the African city as a mere site of accumulation and exploitation. In this article, in contrast, we offer a more ambivalent analysis of a compelling trend in several African cities: the platformization of motorcycle taxis. Our focus is on Kigali and Nairobi two cities that have been celebrated as “Silicon Savannahs” for their commitment to digital innovation, and where motorcycle taxis have long contributed to the regular movement of people and goods. Deploying a Southern urban perspective on the digitization of these mobility systems, we make two contributions to platform urbanism debates. First, we show that this phenomenon dovetails two decades of supply-side, developmental investments in the connectivity infrastructure upon which platforms rely and are predicated. Second, we show that platform urbanism is not simply a case of global technologies landing in Africa. It is characterized by a proliferation of experiments in which domestic and international capital coalesce, platforms intersect in dynamic ways with informal economies, and local adaptations are necessary for survival. Overall, we argue that the platformization of motorcycles in these cities (and arguably others) constitutes a dynamic and evolving landscape that requires more careful conceptual and empirical attention.","PeriodicalId":48432,"journal":{"name":"Environment and Planning A-Economy and Space","volume":"121 1","pages":""},"PeriodicalIF":4.2,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89434927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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