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Risky Expertise in Chinese Financialisation by Giulia Dal Maso Pdf
This book focuses on the subjectivities of stock market investors to explore tensions within the Chinese state’s engagement in contemporary financial capitalism. It adopts a genealogical method to investigate how the production of foreign-trained financial experts (haigui) and informal experts (sanhu) points to paradoxes in China’s efforts to cultivate financial expertise. Chinese financialisation relates to the state’s project of financialising human capital in reaction to a contractualised labour market and the vanishing welfare state. Through ethnographic inquiry, Dal Maso shows the Chinese stock markets are crucial to the new redistributive regime where wage labour risks losing its primacy. Here, one can observe how the relationship between money and wages in China is being reworked and witness the development of a new economic order in which the state’s legitimacy becomes increasingly dependent on its capacity to jiushi–to rescue the market in times of crisis.
Contemporary Economic Geographies by Jennifer Johns,Sarah Marie Hall Pdf
The subdiscipline of economic geography has a long and varied history, and recent work has pushed the field to diversify even further. This collection takes this agenda forward by showcasing inspiring, critical and plural perspectives for contemporary economic geographies. Highlighting the contributions of global scholars, the thirty chapters showcase fresh ways of approaching economic geography in research, teaching and praxis. With sections on thought leaders, contemporary critical debates and future research agendas, this collection calls for greater openness and inclusivity.
The Everyday Practice of Valuation and Investment by Horacio Ortiz Pdf
The financial industry derives its legitimacy through the claim that it acts in the interest of shareholders. A vast international network of funds, banks, insurance companies, brokerages, rating agencies, and regulatory agencies defends its status by asserting that market mechanisms determine a company’s true value and therefore enriching shareholders contributes to the socially optimal allocation of capital. Is this how stock prices are determined in practice? What does stock valuation reveal about the supposed efficiency of markets and what it means to act on behalf of shareholders? Horacio Ortiz provides a critical analysis of the social institutions and practices that produce and regulate stock pricing and valuation. He examines how financial professionals evaluate and invest in listed companies, unraveling the contradictory definitions of financial value that shape their behavior. Ortiz demonstrates how ideologically laden notions of investing skill and efficient markets are central to the everyday practices of financial valuation, as well as how they function to justify the broader system. He scrutinizes the technical aspects of valuation and investment, their place in social relations within and among companies, and their relation to state regulation in order to demystify how the financial industry presents prices as truths that the rest of society must accept. Drawing on ethnographic fieldwork conducted among stock brokers and investment management companies in New York and Paris, this book shows how the political imaginaries that underpin financial markets are central to producing, sustaining, and legitimizing global inequalities.
A behind-the-scenes look at how corporate and financial actors enforce a business-friendly approach to global sustainability In recent years, companies have felt the pressure to be transparent about their environmental impact. Large documents containing summaries of yearly emissions rates, carbon output, and utilized resources are shared on companies’ social media pages, websites, and employee briefings in a bid for public confidence in corporate responsibility. And yet, Matthew Archer argues, these metrics are often just hollow symbols. Unsustainable contends with the world of big banks and multinational corporations, where sustainability begins and ends with measuring and reporting. Drawing on five years of research among sustainability professionals in the US and Europe, Unsustainable shows how this depoliticizing tendency to frame sustainability as a technical issue enhances and obscures corporate power while doing little, if anything, to address the root causes of the climate crisis and issues of social inequality. Through this obsession with metrics and indicators, the adage that you can’t manage what you can’t measure transforms into a belief that once you’ve measured social and environmental impacts, the market will simply manage them for you. The book draws on diverse sources of evidence—ethnographic fieldwork among a wide array of sustainability professionals, interviews with private bankers, and apocalyptic science fiction—and features analyses of name-brand companies including Volkswagen, Unilever, and Nestlé. Making the case for the limits of measuring and reporting, Archer seeks to mobilize alternative approaches. Through an intersectional lens incorporating Black and Indigenous theories of knowledge, power and value, he offers a vision of sustainability that aims to be more effective and more socially and ecologically just.
People before Markets by Daniel Scott Souleles,Johan Gersel,Morten Sørensen Thaning Pdf
This innovative volume presents twenty comparative case studies of important global questions, such as 'Where should our food come from?' 'What should we do about climate change?' and 'Where should innovation come from?' A variety of solutions are proposed and compared, including market-based, economic, and neoliberal approaches, as well as those determined by humane values and ethical and socially responsible perspectives. Drawing on original research, its chapters show that more responsible solutions are very often both more effective and better aligned with human values. Providing an important counterpoint to the standard capitalist thinking propounded in business school education, People Before Markets reveals the problematic assumptions of incumbent frameworks for solving global problems and inspires the next generation of business and social science students to pursue more effective and human-centered solutions.
Financialisation and Development in Asia by Toby Carroll,Darryl Jarvis Pdf
Multilateral development agencies have increasingly focused on underdeveloped Asian countries as potential new sites for financial capital. Often referred to as ‘emerging markets’, these economies are seen as ripe for private sector investment and, at the same time, in need of foreign capital to support rapid industrialisation, modernisation and poverty reduction. This confluence of interests suggests a means for quickly closing the ‘development gap’, primarily through mobilising regulatory, institutional and governance reforms designed to reduce barriers to foreign capital, institutional inefficiencies and risks to investment, capital repatriation and market operation. Therefore, development agencies now encourage the construction of ‘enabling environments’ to support ‘market driven development’ through processes variously identified as ‘financialisation’, centring on the role of the market and private capital. While the state itself has historically occupied a central place in economic development, new financialised modes of development are increasingly marginalising the state, its influence in the economy and thus its ability to manage developmental outcomes. In this volume a collection of leading authors critically assess these developments, highlighting the emergence of financialised modes of development and their contested and often problematic nature. Drawing upon a series of case studies, the contributors explore not just the increasing use of financialised development initiatives, but assess critically their implications in terms of the emergent risks, costs and inequalities that often accompany them. This book was originally published as a special issue of the Asian Studies Review.
Risk and Food Safety in China and Japan by Louis Augustin-Jean,Jean Pierre Poulain Pdf
Around the world, food has probably never been as safe as it is today. However, periodic crises have aroused consumer anxiety and contributed to a general lack of confidence in the agro-industrial system. The diverse nature of these crises increases governments’ and industry difficulties in predicting and tackling them. This book addresses the relations between risk and food theoretically and empirically through case studies from Japan and China. Part I of the book examines the interaction between theoretical aspects and decision-making. The book theorizes the links between food and risk and analyses the decision-making process in light of risks and governance. The relationship between food risks, governance systems and economic decisions is assessed to explore ideas such as the "pact of nutrition" and the theory of weak signals. Part II examines case studies from China and Japan in the aftermaths of recent crises such as the milk powder scandal in China and food safety following the Fukushima nuclear accident and tsunami in Japan. This book will be an important resource for scholars, academics and policy-makers in the fields of sociology, economics, food studies, Chinese studies and Japanese studies and theories of risks and safety.
In Best Practice Kimberly Chong provides an ethnography of a global management consultancy that has been hired by Chinese companies, including Chinese state-owned enterprises. She shows how consulting emerges as a crucial site for considering how corporate organization, employee performance, business ethics, and labor have been transformed under financialization. To date financialization has been examined using top-down approaches that portray the rise of finance as a new logic of economic accumulation. Best Practice, by contrast, focuses on the everyday practices and narratives through which companies become financialized. Effective management consultants, Chong finds, incorporate local workplace norms and assert their expertise in the particular terms of China's national project of modernization, while at the same time framing their work in terms of global “best practices.” Providing insight into how global management consultancies refashion Chinese state-owned enterprises in preparation for stock market flotation, Chong demonstrates both the dynamic, fragmented character of financialization and the ways in which Chinese state capitalism enables this process.
Beginning with an original historical vision of financialization in human history, this volume then continues with a rich set of contemporary ethnographic case studies from Europe, Asia and Africa. Authors explore the ways in which finance inserts itself into relationships of class and kinship, how it adapts to non-Western religious traditions, and how it reconfigures legal and ecological dimensions of social organization, and urban social relations in general. Central themes include the indebtedness of individuals and households, the impact of digital technologies, the struggle for housing, financial education, and political contestation.
The Financialization of Agri-Food Systems by Hilde Bjorkhaug,André Magnan,Geoffrey Lawrence Pdf
Financialization is the increased influence of financial actors and logics on social and economic life, and is one of the key drivers transforming food systems and rural economies around the world. The premise of this book is that the actions of financial actors, and their financial logics, are transforming agri-food systems in profound ways. It is shown that although financialization is a powerful dynamic, some recent developments suggest that the rollout of financialization is contradictory and uneven in different spaces and markets. The book examines cases in which state regulation or re-regulation and social movement resistance are setting roadblocks or speed bumps in the path of financialization, resulting in a ‘cooling off’ of investment, as well as the other side of the argument where there is evidence of a ‘heating up’. The authors address not only the limits to financialization, but also the mechanisms through which financial entities are able to penetrate and re-shape agri-food industries. This book provides both a comparative analysis of financialization blending, and empirical findings with conceptual insights. It explores the connection between financialization, food systems, and rural transformation by critically examining: the concept of financialization and how food and farming are being financialized; the impacts of financialization in the food industry; and financialization in farming and forestry – along with the impacts this has on rural people and communities. This is a timely book, bringing together concrete case studies, from around the globe, to reveal the operations and impacts of finance capital in the ‘space’ of agri-food.
Proceedings of the 2nd International Conference on Business and Policy Studies by Canh Thien Dang,Javier Cifuentes-Faura,Xiaolong Li Pdf
This proceedings volume contains papers accepted by the 2nd International Conference on Business and Policy Studies (CONF-BPS 2023), which are carefully selected and reviewed by professional reviewers from corresponding research fields and the editorial team of the conference. This volume presents the latest research achievements, inspirations, and applications in applied economy, finance, enterprise management, public administration, and policy studies. CONF-BPS 2023 was a hybrid conference that includes several workshops (offline and online) around the world in Cardiff (Jan, 2023), London(Feb, 2023) and Sydney (Feb, 2023). Prof. Canh Thien Dang from King's College London, Prof. Arman Eshraghi from Cardiff Business School, and Prof. Kristle Romero Cortés from UNSW Business School have chaired those offline workshop.
How China Escaped Shock Therapy by Isabella M. Weber Pdf
China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without.
The Governance of Financialization in Latin America and East Asia by Max Nagel Pdf
The Governance of Financialization in Latin America and East Asia analyses how states in these areas have adopted different monetary, financial, and foreign exchange policies to govern financialization, which have induced varying levels of state control over financial markets. The book analyzes the puzzling observation of policy divergence by investigating how countries have reacted differently to major financial crises since the 1970s. It shows how Argentina and Japan selected a governance approach to financialization that followed Western prescriptions by propelling unregulated financialization; but also how Chile and South Korea, by contrast, crafted policies to reduce the negative effects of financialization on economic development and financial stability. The book identifies variegated expertise in central banks, ministries of finance, expert commissions, and research institutions that has informed policymaking across Argentina, Chile, Japan, and South Korea since the 1970s. It then demonstrates how governments have used experts to achieve diverse political objectives and explains how governments can use experts to enhance state agency to counter globalization pressures. This book will appeal to scholars of International Political Economy, comparative politics, economics, sociology, development studies, and Latin American and East Asian history. It will also be of interest to economists and policymakers who want to safeguard financial stability and promote economic growth.
Author : William K Tabb Publisher : Taylor & Francis Page : 212 pages File Size : 53,5 Mb Release : 2023-07-14 Category : Business & Economics ISBN : 9781000912838
Financialization and the Future of the American Economy by William K Tabb Pdf
Financialization is a set of processes which has led to a financially driven and commodified economy with rising inequality, tax avoidance, and a lack of investment in the physical and social infrastructure. Given the influence of money politics, and the secular increase in the burden of debt, financialization has produced a deeply flawed economic system which mainstream economists are unable to address. This book discusses the causes and costs of financial crises, how financialization produces inequality and instability, and the patterns of value extraction it enables. It draws on key theoretical traditions, most prominently the writing of Marx, Keynes, and Minsky that illuminate much that is ignored and rejected in mainstream theorizing, including by many who identify as Keynesians. After decades of low interest rates and years of quantitative easing (QE), keeping borrowing costs near zero, many borrowers – households, businesses, banks, shadow banks, and governments – will not be able to finance their debt at the higher interest rates initiated by central banks to address inflation. The resulting stagflation will be global, producing a severe downturn that may be postponed through still greater debt creation but not avoided by conventional means. The book also explores the ways that standard financial criteria contribute to the climate emergency and the manner in which the commodification of nature proceeds from the desire to create new, marketable derivative products. It concludes with a discussion of what needs to be done to move away from a harmful regime of accumulation premised on financialization and to adopt a far better one. This book is essential reading for anyone interested in the causes and consequences of financialization and its impact on the economy.
Proceedings of the 3rd International Conference on Internet Finance and Digital Economy (ICIFDE 2023) by Yusheng Jiao,Khaled Elbagory,Shyam Bihari Goyal,Hang Luo Pdf
This is an open access book.With the advent of economic globalization and the information technology revolution, especially the dawn of the era of network economy marked by the Internet, human society is embarking on a transition from an industrial society to an information society, and from industrial civilization to information civilization. In recent years, domestic Internet business has become more and more prosperous. In order to adapt to the development of the new media era, many traditional industries have extended their business to the Internet field. Among them, the most prominent is the financial business. Thanks to the operation of Internet business, the efficiency of financial services has been rapidly improved. However, the rapid development of the Internet has also brought certain practical problems that must be faced. This conference has therefore been convened in the hope of engaging in an in-depth exchange with scholars in the following aspects: Acquaint yourself with the development status of Internet finance and the digital economy in various countries and deepen the elaboration of the concept of financial Internet; Summarize the characteristics of Internet finance in the world and propose solutions to the problems faced by Internet finance; Understand academic development trends, broaden research ideas, strengthen academic research and discussion, and promote the industrialization cooperation of academic achievements; Promote the institutionalization and standardization of management science through modern research. The previous conference of ICIFDE took place in Guangzhou, China (Online). ICIFDE 2023 will come back this year on August 04–06 and it will provide a valuable and face-to-face opportunity for researchers, scholars and some scientists to exchange their ideas. Distinguished by its strong organizational team, dependable reputation and prestigious sponsors across the globe, ICIFDE 2023 is an annual conference on Internet Finance and the Digital Economy for all researchers, both domestic and international. ICIFDE started in 2021, and all papers accepted in the last session of ICIFDE have been successfully published. The 3rd International Conference on Internet Finance and Digital Economy (ICIFDE 2023) will be held in Chengdu, China on August 04–06, 2023. We warmly invite you to participate in ICIFDE 2023 and look forward to seeing you in Chengdu, China.