Pub Date : 2023-03-22DOI: 10.1080/13563467.2023.2189695
Visnja Vukov
ABSTRACT This paper analyses the political origins of diverse peripheral growth models in Europe, focusing on debt-based consumption-led growth model in Southern Europe and FDI-based export-led growth model in Central and Eastern Europe. Contrary to existing approaches that attribute this East-South divergence to their geographic position and systemic features of European monetary integration, the paper argues that these growth models stem from different national and EU-level policy responses to the challenge of core-periphery market integration. While the Southern states sought to protect domestic firms, allowing for, or even directly contributing to deindustrialisation in the face of competition with the European core economies, Central and East European states aimed to preserve their industrial legacy even at the expense of FDI-dependency. These policy responses were, in turn, shaped by distinct patterns of interaction and accommodation between segments of state elites and domestic economic groups, as well as by dramatically different EU strategies of governing integration. In contrast with society-centred perspectives on the politics of growth models, the paper highlights the autonomous role of the state as a key actor balancing between the demands and accommodation of domestic economic groups, and the constraints and opportunities created by regional institutions governing market integration.
{"title":"Growth models in Europe’s Eastern and Southern peripheries: between national and EU politics","authors":"Visnja Vukov","doi":"10.1080/13563467.2023.2189695","DOIUrl":"https://doi.org/10.1080/13563467.2023.2189695","url":null,"abstract":"ABSTRACT This paper analyses the political origins of diverse peripheral growth models in Europe, focusing on debt-based consumption-led growth model in Southern Europe and FDI-based export-led growth model in Central and Eastern Europe. Contrary to existing approaches that attribute this East-South divergence to their geographic position and systemic features of European monetary integration, the paper argues that these growth models stem from different national and EU-level policy responses to the challenge of core-periphery market integration. While the Southern states sought to protect domestic firms, allowing for, or even directly contributing to deindustrialisation in the face of competition with the European core economies, Central and East European states aimed to preserve their industrial legacy even at the expense of FDI-dependency. These policy responses were, in turn, shaped by distinct patterns of interaction and accommodation between segments of state elites and domestic economic groups, as well as by dramatically different EU strategies of governing integration. In contrast with society-centred perspectives on the politics of growth models, the paper highlights the autonomous role of the state as a key actor balancing between the demands and accommodation of domestic economic groups, and the constraints and opportunities created by regional institutions governing market integration.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"832 - 848"},"PeriodicalIF":4.2,"publicationDate":"2023-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49288733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.1080/13563467.2023.2184471
B. Fritz, Annina Kaltenbrunner, Laurissa Mühlich, Bianca Orsi
ABSTRACT The variety of monetary and regional cooperation institutions often is characterised as uneven, fragmented, and partially contested. In contrast to this narrative, Grabel (2018) applies a Hirschmanian mindset to monetary and regional cooperation that highlights the experimental nature of recent innovations as a ‘productive incoherence’. This paper presents a case study of such productive incoherence. We examine the institutional set up of the Local Currency Payments System (SML) between the Mercosur countries based on interviews with Central Bank staff and statistical analysis. We assess the factors that explain the emergence, limitations and institutional linkages of the SML. The results suggest that, despite its small scale, the mechanism expanded and provided to be remarkably robust in midst of a generally agonising Mercosur, representing the first cooperation between the Mercosur central banks after decades of absence of coordination of exchange rate policy and foreign exchange regulation. Our findings confirm and further refine Grabel’s approach: assessing incremental changes in terms of highly specific and contingent policies is key to understanding the role institutions play for development. We conclude that even very small-scale initiatives such as the SML can contribute to developmental monetary and financial governance as a building block of reform and change.
{"title":"South-South monetary regionalism: a case of productive incoherence?","authors":"B. Fritz, Annina Kaltenbrunner, Laurissa Mühlich, Bianca Orsi","doi":"10.1080/13563467.2023.2184471","DOIUrl":"https://doi.org/10.1080/13563467.2023.2184471","url":null,"abstract":"ABSTRACT The variety of monetary and regional cooperation institutions often is characterised as uneven, fragmented, and partially contested. In contrast to this narrative, Grabel (2018) applies a Hirschmanian mindset to monetary and regional cooperation that highlights the experimental nature of recent innovations as a ‘productive incoherence’. This paper presents a case study of such productive incoherence. We examine the institutional set up of the Local Currency Payments System (SML) between the Mercosur countries based on interviews with Central Bank staff and statistical analysis. We assess the factors that explain the emergence, limitations and institutional linkages of the SML. The results suggest that, despite its small scale, the mechanism expanded and provided to be remarkably robust in midst of a generally agonising Mercosur, representing the first cooperation between the Mercosur central banks after decades of absence of coordination of exchange rate policy and foreign exchange regulation. Our findings confirm and further refine Grabel’s approach: assessing incremental changes in terms of highly specific and contingent policies is key to understanding the role institutions play for development. We conclude that even very small-scale initiatives such as the SML can contribute to developmental monetary and financial governance as a building block of reform and change.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"818 - 831"},"PeriodicalIF":4.2,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47562917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-13DOI: 10.1080/13563467.2023.2184470
Sonja Schaefer, J. Hauge
ABSTRACT Forced labour persists in our global economy despite dedicated attention and eradication efforts from both the public and private sectors. Given the bounded reach and lack of enforcement by states and international organisations, the private sector has been the linchpin for eradication of forced labour globally. Utilising the brand-to-state boomerang model, this paper examines state-imposed forced labour in cotton production in China and Uzbekistan, and grapples with how interests – those of the states and the multinational corporations involved in forced labour – shape private governance outcomes. By investigating state-imposed forced labour in China (specifically, the Xinjiang Uyghur Autonomous Region) and Uzbekistan, we find that multinational corporations are reluctant to work towards eradicating forced labour when their net sales and profit are threatened by doing so. Building on the stream of international political economy research regarding how interests complicate governance effectiveness, we expose a gap in the literature on the impact of state-imposed forced labour on governance outcomes and illuminate global ramifications.
{"title":"The muddled governance of state-imposed forced labour: multinational corporations, states, and cotton from China and Uzbekistan","authors":"Sonja Schaefer, J. Hauge","doi":"10.1080/13563467.2023.2184470","DOIUrl":"https://doi.org/10.1080/13563467.2023.2184470","url":null,"abstract":"ABSTRACT Forced labour persists in our global economy despite dedicated attention and eradication efforts from both the public and private sectors. Given the bounded reach and lack of enforcement by states and international organisations, the private sector has been the linchpin for eradication of forced labour globally. Utilising the brand-to-state boomerang model, this paper examines state-imposed forced labour in cotton production in China and Uzbekistan, and grapples with how interests – those of the states and the multinational corporations involved in forced labour – shape private governance outcomes. By investigating state-imposed forced labour in China (specifically, the Xinjiang Uyghur Autonomous Region) and Uzbekistan, we find that multinational corporations are reluctant to work towards eradicating forced labour when their net sales and profit are threatened by doing so. Building on the stream of international political economy research regarding how interests complicate governance effectiveness, we expose a gap in the literature on the impact of state-imposed forced labour on governance outcomes and illuminate global ramifications.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"799 - 817"},"PeriodicalIF":4.2,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44330131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-04DOI: 10.1080/13563467.2022.2084522
D. Valeeva, Tobias J. Klinge, M. Aalbers
ABSTRACT Shareholder value orientation has commonly been considered a hallmark of corporate financialisation. Today, firms increasingly share their profits with shareholders in the form of cash dividends and share buybacks. Yet how the shareholder payouts are distributed by firms from various sectors, sizes and countries remain unexplored. To complement existing accumulation- and asset-centred approaches that focus, respectively, on how resources enter the firm and change its structure, we present a payouts-centred approach to corporate financialisation that focuses on how resources leave the firm. This paper analyses firm-level trends in shareholder payouts in OECD member countries for the period 2000–2019, differentiating between types of distributed payouts. We show that shareholder payouts are high across various sectors and geographical locations, and not limited to a small subset of large, US-American financial corporations, but include ‘big pharma’ and ‘big tech’ as well as Latin American and Israeli firms. The paper sheds light on the nature of the contemporary corporations and contributes to discussions on the increasing financialisation of non-financial firms and their rising shareholder value orientation.
{"title":"Shareholder payouts across time and space: an internationally comparative and cross-sectoral analysis of corporate financialisation","authors":"D. Valeeva, Tobias J. Klinge, M. Aalbers","doi":"10.1080/13563467.2022.2084522","DOIUrl":"https://doi.org/10.1080/13563467.2022.2084522","url":null,"abstract":"ABSTRACT Shareholder value orientation has commonly been considered a hallmark of corporate financialisation. Today, firms increasingly share their profits with shareholders in the form of cash dividends and share buybacks. Yet how the shareholder payouts are distributed by firms from various sectors, sizes and countries remain unexplored. To complement existing accumulation- and asset-centred approaches that focus, respectively, on how resources enter the firm and change its structure, we present a payouts-centred approach to corporate financialisation that focuses on how resources leave the firm. This paper analyses firm-level trends in shareholder payouts in OECD member countries for the period 2000–2019, differentiating between types of distributed payouts. We show that shareholder payouts are high across various sectors and geographical locations, and not limited to a small subset of large, US-American financial corporations, but include ‘big pharma’ and ‘big tech’ as well as Latin American and Israeli firms. The paper sheds light on the nature of the contemporary corporations and contributes to discussions on the increasing financialisation of non-financial firms and their rising shareholder value orientation.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"173 - 189"},"PeriodicalIF":4.2,"publicationDate":"2023-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45473428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-02DOI: 10.1080/13563467.2023.2184469
Bruno Bonizzi, J. Churchill, Annina Kaltenbrunner
ABSTRACT Pension funds have often failed to meet expectations in terms of providing ‘patient capital’. Explanations for this lapse have ranged over regulatory and ideational factors. We argue that a new ‘impatient’ phenomenon is emerging that requires further explanation: pension funds are becoming more mindful of their liquidity and collateral management, and engage in pro-cyclical investment behaviour. We show how UK pension funds have adapted their investment strategies, investing significantly in collective funds, including in foreign and in ‘alternative assets’, and setting aside protection assets as collateral for their derivatives and repo transactions. This behaviour has increased pension funds’ exposure to and participation in liquidity spirals, forcing them to dispose of assets during crises and contributing to the overall pro-cyclicality of the contemporary market-based financial system. This was most recently highlighted by the instability of UK government bond markets in September 2022. Drawing from Minsky and the emerging literature on Critical Macro-Finance, we argue that this new pension fund behaviour is in response to structural changes in the financial markets in which they operate.
{"title":"UK pension funds’ patience and liquidity in the age of market-based finance","authors":"Bruno Bonizzi, J. Churchill, Annina Kaltenbrunner","doi":"10.1080/13563467.2023.2184469","DOIUrl":"https://doi.org/10.1080/13563467.2023.2184469","url":null,"abstract":"ABSTRACT Pension funds have often failed to meet expectations in terms of providing ‘patient capital’. Explanations for this lapse have ranged over regulatory and ideational factors. We argue that a new ‘impatient’ phenomenon is emerging that requires further explanation: pension funds are becoming more mindful of their liquidity and collateral management, and engage in pro-cyclical investment behaviour. We show how UK pension funds have adapted their investment strategies, investing significantly in collective funds, including in foreign and in ‘alternative assets’, and setting aside protection assets as collateral for their derivatives and repo transactions. This behaviour has increased pension funds’ exposure to and participation in liquidity spirals, forcing them to dispose of assets during crises and contributing to the overall pro-cyclicality of the contemporary market-based financial system. This was most recently highlighted by the instability of UK government bond markets in September 2022. Drawing from Minsky and the emerging literature on Critical Macro-Finance, we argue that this new pension fund behaviour is in response to structural changes in the financial markets in which they operate.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"780 - 798"},"PeriodicalIF":4.2,"publicationDate":"2023-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46403727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-18DOI: 10.1080/13563467.2022.2161497
Yannis Dafermos, Daniela Gabor, J. Michell
ABSTRACT We build upon the Minskyan concepts of ‘thwarting mechanisms’ and ‘supercycles’ to develop a framework for analysing the dynamic evolutionary interactions between macrofinancial, institutional and political processes. Thwarting mechanisms are institutional structures that aim to stabilise the macrofinancial system. The effectiveness of these structures changes over time as a result of profit-seeking innovations and long-run destabilising processes. New institutional structures emerge in response, influenced by political and ideological conflicts. This generates a secular cyclical pattern in capitalism, the ‘supercycle’, with a longer duration than standard business and financial cycles. To illustrate this, we develop a macrofinancial stability index which we use to identify two supercycles in the G7 countries in the post-war period. We label these the industrial capitalism supercycle and the financial globalisation supercycle. For each, we apply a four-phase classification system, based on the effectiveness of institutions, customs and political structures for stabilising the macrofinancial system. The supercycles framework can be used to explain and anticipate macro financial and thus political developments, and moves beyond approaches in which these developments are treated as exogenous shocks.
{"title":"Institutional supercycles: an evolutionary macro-finance approach","authors":"Yannis Dafermos, Daniela Gabor, J. Michell","doi":"10.1080/13563467.2022.2161497","DOIUrl":"https://doi.org/10.1080/13563467.2022.2161497","url":null,"abstract":"ABSTRACT We build upon the Minskyan concepts of ‘thwarting mechanisms’ and ‘supercycles’ to develop a framework for analysing the dynamic evolutionary interactions between macrofinancial, institutional and political processes. Thwarting mechanisms are institutional structures that aim to stabilise the macrofinancial system. The effectiveness of these structures changes over time as a result of profit-seeking innovations and long-run destabilising processes. New institutional structures emerge in response, influenced by political and ideological conflicts. This generates a secular cyclical pattern in capitalism, the ‘supercycle’, with a longer duration than standard business and financial cycles. To illustrate this, we develop a macrofinancial stability index which we use to identify two supercycles in the G7 countries in the post-war period. We label these the industrial capitalism supercycle and the financial globalisation supercycle. For each, we apply a four-phase classification system, based on the effectiveness of institutions, customs and political structures for stabilising the macrofinancial system. The supercycles framework can be used to explain and anticipate macro financial and thus political developments, and moves beyond approaches in which these developments are treated as exogenous shocks.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"693 - 712"},"PeriodicalIF":4.2,"publicationDate":"2023-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47178698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-01DOI: 10.1080/13563467.2023.2172148
S. Rogers
ABSTRACT Scholarship on rents and rentierism abounds. Commonly absent is analysis of the actors who perform rentierism: how they do it, when they do it, what outcomes result. To address this lacuna, I advance a three-tier typology of actors I term ‘rentocrats’. I then investigate the role of rentocrats in performing what has been labelled ‘infrastructure rentierism’ across infrastructure projects’ lifecycles: a scenario where surplus capital and labour are utilised by rentiers (rentocrats). This article contributes to an expanding literature on ‘assetisation’ by showing how rentocrats accrue rent across such lifecycles typically helped by local legal frameworks and a cross-coalition of politico-economic stakeholders, which together transform the good into an asset. As such, this article helps overcome a recognised blind spot in the assetisation scholarship: its empiricism. Through Case Study Analysis, I use the rentocrat conceptualisation and theorisation to highlight the variegated practice of infrastructure rentierism across the lifecycles of largescale (>USD100mn) Chinese-sourced capital-financed infrastructure projects in the United Kingdom, Germany, and Hungary. I intend the ‘rentocrat’ concept to be applied to and critiqued against other forms of rentierism not limited to Chinese-sourced capital, European sites, or its infrastructure variant.
{"title":"The emergence of the ‘rentocrat’","authors":"S. Rogers","doi":"10.1080/13563467.2023.2172148","DOIUrl":"https://doi.org/10.1080/13563467.2023.2172148","url":null,"abstract":"ABSTRACT Scholarship on rents and rentierism abounds. Commonly absent is analysis of the actors who perform rentierism: how they do it, when they do it, what outcomes result. To address this lacuna, I advance a three-tier typology of actors I term ‘rentocrats’. I then investigate the role of rentocrats in performing what has been labelled ‘infrastructure rentierism’ across infrastructure projects’ lifecycles: a scenario where surplus capital and labour are utilised by rentiers (rentocrats). This article contributes to an expanding literature on ‘assetisation’ by showing how rentocrats accrue rent across such lifecycles typically helped by local legal frameworks and a cross-coalition of politico-economic stakeholders, which together transform the good into an asset. As such, this article helps overcome a recognised blind spot in the assetisation scholarship: its empiricism. Through Case Study Analysis, I use the rentocrat conceptualisation and theorisation to highlight the variegated practice of infrastructure rentierism across the lifecycles of largescale (>USD100mn) Chinese-sourced capital-financed infrastructure projects in the United Kingdom, Germany, and Hungary. I intend the ‘rentocrat’ concept to be applied to and critiqued against other forms of rentierism not limited to Chinese-sourced capital, European sites, or its infrastructure variant.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"744 - 757"},"PeriodicalIF":4.2,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44784634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-01DOI: 10.1080/13563467.2023.2172147
N. Fuglsang
ABSTRACT Scholars have attributed the resilience of the neoliberal policy paradigm to external pressure on governments by giant corporations and to features of the neoliberal idea itself. This article proposes a different explanation based on the political influence of the economic models that governments use for policy planning. I develop a theoretical perspective to capture how economic models, rather than being mere analytical tools, are policy tools with an overt objective function and a covert political function. To illustrate the value of the theory, I use a qualitative case-study approach to analyse how politicians in the aftermath of the 2008 financial crisis used economic models before and during the 2011–2015 Social Democratic Thorning-Schmidt government in Denmark. I show how the Danish Finance Ministry’s model worked as a weapon, a game board and a shield to discredit certain policies while promoting other policies, and in the process contributing to neoliberal resilience.
{"title":"The ‘strange non-death’ of economic models: how modelling contributed to neoliberal resilience in Denmark","authors":"N. Fuglsang","doi":"10.1080/13563467.2023.2172147","DOIUrl":"https://doi.org/10.1080/13563467.2023.2172147","url":null,"abstract":"ABSTRACT Scholars have attributed the resilience of the neoliberal policy paradigm to external pressure on governments by giant corporations and to features of the neoliberal idea itself. This article proposes a different explanation based on the political influence of the economic models that governments use for policy planning. I develop a theoretical perspective to capture how economic models, rather than being mere analytical tools, are policy tools with an overt objective function and a covert political function. To illustrate the value of the theory, I use a qualitative case-study approach to analyse how politicians in the aftermath of the 2008 financial crisis used economic models before and during the 2011–2015 Social Democratic Thorning-Schmidt government in Denmark. I show how the Danish Finance Ministry’s model worked as a weapon, a game board and a shield to discredit certain policies while promoting other policies, and in the process contributing to neoliberal resilience.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"731 - 743"},"PeriodicalIF":4.2,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47906633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-05DOI: 10.1080/13563467.2022.2159353
Jamie Dennis, L. Stanley
ABSTRACT Community wealth building (CWB) is a strategy for local economic development that aims to (re-)circulate wealth within the places that produce it – a kind of de-globalisation of capital. CWB has come to prominence in the UK due to its implementation in Preston and endorsements from the Corbyn-led Labour Party. However, CWB has come under criticism for promoting protectionism. As a way into the political economy of CWB, this article analyses this criticism. We do so by bringing the policy debate in the UK into dialogue with political economy literature on protectionism and nationalism. We show that protectionism is as much a political weapon or slur used to discredit interventionist development strategies as it is an analytical concept at home in technical economic discourse. On this basis, we argue that CWB is not protectionist neither in its policy proposal nor in its wider worldview. However, CWB does limit itself to the local without a clear redistributive mechanism between municipalities and so risks siloing local areas from one another.
{"title":"The de-globalisation of capital? The political economy of community wealth building","authors":"Jamie Dennis, L. Stanley","doi":"10.1080/13563467.2022.2159353","DOIUrl":"https://doi.org/10.1080/13563467.2022.2159353","url":null,"abstract":"ABSTRACT Community wealth building (CWB) is a strategy for local economic development that aims to (re-)circulate wealth within the places that produce it – a kind of de-globalisation of capital. CWB has come to prominence in the UK due to its implementation in Preston and endorsements from the Corbyn-led Labour Party. However, CWB has come under criticism for promoting protectionism. As a way into the political economy of CWB, this article analyses this criticism. We do so by bringing the policy debate in the UK into dialogue with political economy literature on protectionism and nationalism. We show that protectionism is as much a political weapon or slur used to discredit interventionist development strategies as it is an analytical concept at home in technical economic discourse. On this basis, we argue that CWB is not protectionist neither in its policy proposal nor in its wider worldview. However, CWB does limit itself to the local without a clear redistributive mechanism between municipalities and so risks siloing local areas from one another.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"677 - 692"},"PeriodicalIF":4.2,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42160621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/13563467.2022.2067838
N. Taylor
ABSTRACT This paper seeks to explore how professionals in the financial sector understand the challenge that climate change presents to economy and society. It is a case study into how ‘climate-related financial risk’ is understood in a particular area of expertise – within the actuarial profession. There is an increasingly prominent claim among financial regulators that climate change should be considered as an issue of financial risk and stability; it is argued that this will drive capital towards green ends, and an orderly low carbon transition. Responding to this, actuaries are seeking to establish climate-related risk as part of their professional jurisdiction. Yet they are struggling to do so because of their relationship to the investment chain and because the tools they employ for risk management, mostly drawn from financial economics, are fundamentally failing to consider, quantify and financialise climate risks. Instead, the profession is moving toward scenario-based tools for managing climate-related uncertainty that incorporate narratives about policy interventions and market reaction. The paper draws on interviews and ethnographic research conducted with members of the UK-based Institute and Faculty of Actuaries (IFoA) to explore these established and emerging risk management tools and perspectives.
{"title":"‘Making financial sense of the future’: actuaries and the management of climate-related financial risk","authors":"N. Taylor","doi":"10.1080/13563467.2022.2067838","DOIUrl":"https://doi.org/10.1080/13563467.2022.2067838","url":null,"abstract":"ABSTRACT This paper seeks to explore how professionals in the financial sector understand the challenge that climate change presents to economy and society. It is a case study into how ‘climate-related financial risk’ is understood in a particular area of expertise – within the actuarial profession. There is an increasingly prominent claim among financial regulators that climate change should be considered as an issue of financial risk and stability; it is argued that this will drive capital towards green ends, and an orderly low carbon transition. Responding to this, actuaries are seeking to establish climate-related risk as part of their professional jurisdiction. Yet they are struggling to do so because of their relationship to the investment chain and because the tools they employ for risk management, mostly drawn from financial economics, are fundamentally failing to consider, quantify and financialise climate risks. Instead, the profession is moving toward scenario-based tools for managing climate-related uncertainty that incorporate narratives about policy interventions and market reaction. The paper draws on interviews and ethnographic research conducted with members of the UK-based Institute and Faculty of Actuaries (IFoA) to explore these established and emerging risk management tools and perspectives.","PeriodicalId":51447,"journal":{"name":"New Political Economy","volume":"28 1","pages":"57 - 75"},"PeriodicalIF":4.2,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41539954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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