Social democracy and globalisation: the limits of social democracy in historical perspective

This article argues that social democratic governments throughout the 20^th century faced internal and international constraints arising from the operation of capitalist economies and that the evidence for a qualitative deepening of such constraints since the collapse of the Bretton Woods system is far from unequivocal. Financial markets were already big enough and fast enough to deter such governments from the pursuit of egalitarian policies in the interwar years or to destabilise them if they ignored the warning signs. This article also shows that the efficacy of Keynesian macroeconomic policy in the Golden Age has been exaggerated and that the problem of short–term movements of speculative capital persisted throughout this era in a country such as Britain. Keynesianism never worked in the face of mass unemployment and it is misleading to suggest that its breakdown in the 1970s somehow robbed social democracy of the policy tools that had maintained full employment in the 1950s and 1960s. A host of additional problems have indeed beset social democratic governments since 1973, but the analysis of such problems is hindered rather than helped by much of the literature which invokes economic globalisation. Globalisation theory is in need of further specification before it can be useful and arguments about the economic consequences of globalisation since 1973 need to distinguish its effects from those of the many conjunctural problems of the period as well as the policies that important agencies have pursued in search of solutions to them.     

Rice farming in Bali: organic production and marketing challenges

All is not well with agriculture in Southeast Asia. The productivity gains of the Green Revolution have slowed and even reversed and environmental problems and shortages of water and land are evident. At the same time changing world markets are shifting the dynamics of national agricultural economies. But from the point of view of farmers themselves, it is their season-to-season economic survival that is at stake. Bali is in some ways typical of other agricultural areas in the region, but it is also a special case because of its distinctive economic and cultural environment dominated by tourism. In this environment, farmers are doubly marginalized. At the same time the island offers them unique market opportunities for premium and organic produce. This article examines the ways in which these opportunities have been approached and describes their varying degrees of success. It focuses especially on one project that has been successful in reducing production costs by conversion to organic production, but less so in marketing its produce. It argues finally for the need for integrated studies of the entire rice production/marketing complex, especially from the bottom-up point of view of farmers.     

Export Growth and Development to Poor Rural Regions: a Meso-Scale Analysis of the Upper Limari

Abstract — The aim of this article is to explore the recent social and economic evolution of a rural region that was formerly one of the poorest in Chile but has been transformed by a productive specialisation in table grapes for export markets. The region is that of the Upper Limari in Chile's semi-arid Norte Chico. The analysis focuses on changes in four interrelated variables: productive investments; land markets; labour markets; and population distribution. Rapid growth in investment, the emergence of dynamic land markets, dramatic increases in labour productivity have transformed the agricultural sector. Small-scale farming has survived poorly due to lack of capital, technical problems and lack of bargaining power with the international fruit companies. The large-scale farmers have enjoyed better conditions and a reconcentration of land has occurred. However, the emergence of new productive activities in an area where labour alternatives have been historically scarce has provided new sources of income. Population is increasing in rural settlements linked to irrigated agroexportation and quality of life indicators have improved. Rural depopulation is not a feature of the region as a whole.     

The Transformation of Urban Vegetable Retail in China: Wet Markets,Supermarkets and Informal Markets in Shanghai

The state-monopolised system of vegetable retail in socialist urban China has been transformed into a market-based system run by profit-driven actors. Publicly-owned wet markets not only declined in number after the state relegated its construction to market forces, but were also thoroughly privatised, becoming venues of capital accumulation for the market operators now controlling these properties. Self-employed migrant families replaced salaried state employees in the labour force. Governments' increased control over urban public space reduced the room for informal markets, exacerbating the scarcity of vegetable retail space. Fragmentation in the production and wholesale systems restricted modern supermarkets' ability to establish streamlined supply chains and made them less competitive than wet markets. The transformation of urban vegetable retail documented here shows both the advance that capital has made in re-shaping China's agrifood system and the constraints that China's socialist institutions impose on it. Shanghai's experience also shows that the relative competitiveness of various retail formats is shaped by the state's intervention in building market infrastructure and institutions.     

The Weimar Republic — A failure of representative institutions?

Summary

The Weimar Republic is usually regarded as a theoretically near‐perfect, but practically deeply flawed representative system. Particular features of it, among them the electoral system, producing a large number of splinter parties, and the strong presidency, with emergency powers opening an easy route to authoritarianism, are held to have contributed to the failure of the first German democracy. This article argues that these alleged shortcomings did not or need not have had the damaging consequences attributed to them. It claims that the political system established by the Weimar Constitution was a finely calibrated, if complex system that could have been adequate to the needs of a modern pluralist society, especially if the powerful Länder governments, such as that of Prussia, are also taken into account. It was therefore the deliberate refusal of significant social groups to accept pluralist democracy rather than flaws in the representative system that led to ultimate failure.     

Finanzplatz deutschland: National or European response to internationalisation?

Germany's has long been held up as a competitive, bank‐based financial system, providing long‐term and secure finance for industrial and service companies. The emphasis here is on the international market and regulatory conditions which have helped to transform the the financial system. In the 1980s, the government remained averse to any ‘Big Bang’ experiment, adapting national securities markets to policy initiatives in the US, and in London and Paris. This aversion was rooted in Bundesbank opposition to the development of money markets, and to the practice of corporate‐bank‐insurance cross‐shareholding among Germany's big publicly listed corporations. The politics of ‘Finanzplatz Deutschland’ achieved a balance between maintaining national institutions and adapting them carefully to international markets and regulation. Implementing monetary union and the European financial area in the 1990s and beyond amounts in effect to a ‘Big Bang ‘ policy which is already under way. The prospect of a liquid ‘Euro'‐market for securities, and increasingly competitive banking and insurance markets, spells a shift in German corporate policies towards Anglo‐American practices. National cross‐shareholding corporate structures will not long survive a single currency.     

Korea's E-commerce: Present and Future

Despite the recent downturn in IT-related markets in some countries, there is no doubt that the "Third Revolution," as the innovation in IT has been dubbed, is here to stay. The growth of the Internet and e-commerce are elements of this IT revolution which are not only changing society in a fundamental way but may be providing an antidote for some ailing economies. In this article, Kim Sang-Bae, chief executive officer (CEO) of Cybertek Holdings, Inc, explains the reasons behind the surge of e-commerce in Korea and the impact it has had on Korean society. Kim argues that the Asian Financial Crisis of 1997 may have hurtled Korea into an economic crisis but this may have been the very impetus that prompted the startling rise of e-commerce in Korea from 1998, which in turn contributed to Korea's rapid economic recovery. He argues that in order for this growth in e-commerce to be sustained it is imperative that the Korean Government pursue economic reforms of its domestic market with more vigor.     

东盟面临的危机与挑战

本文探讨了东南亚国家联盟作为一个组织机构在这次亚洲金融危机中所起的作用。从各个国家来看 ,成员国们采取各种措施加强对银行的管理 ,加大金融交易的透明度 ,鼓励竞争 ;从双边关系来看 ,东南亚国家联盟成员国们对受影响最严重的国家 ,尤其是对印度尼西亚进行了援助 ;从国际方面来看 ,东南亚国家联盟成员国们共同呼吁发达国家继续开放市场 ,在重新谈判债务问题时更灵活些 ,在实施改革计划时要注意保护贫穷阶层的人士。本文追踪了在一系列会议上东南亚联盟的初衷 ,但是最后得出结论认为现有的经济合作项目有待进一步扩大合作领域 ,进一步加强责任感。     

A critique of the ‘Bureaucratic authoritarian state’ thesis: The case of the Philippines

The article reviews characteristic patterns of domestic resource mobilization, investments and foreign capital inflows in developing Asia and identifies the emerging issues in resource mobilization. It finds that high levels of investments and savings have been an important reason that developing Asia has had better growth performance than other regions of the world. The pattern of resource mobilization has been different across countries depending upon their development stage. Low-income countries tend to rely on concessional official sources as their debt-servicing capacity is limited and their domestic resource mobilization capacity is weak, while higher income countries rely on domestic resource mobilization as well as competitive financing from international capital markets and foreign direct investment.

Development challenges in Asia continue to be high in the 1990s and will require substantial resources. The challenges will in principle have to be met by domestic resources, indicating the need for strengthening the resource mobilization effort. However, the role of external resources will remain important because of limited domestic resource mobilization in developing Asia. Potential shortage in the global capital market implies that developing countries will have to improve their investment environment to induce more foreign private capital, including foreign direct investment. The possible shortage also indicates the need to strengthen the role of multilateral financial institutions.     

Russia’s energy relations in Southeastern Europe: an analysis of motives in Bulgaria and Greece

Although officially Russian state-owned energy companies operate as independent entities, their actions often lead to suspicion that they are acting as a tool of Russian state foreign policy. Countries on the southeastern borders of Europe – Bulgaria and Greece – are prime examples of where this might be the case, since they not only have a central position in Russia’s plans to penetrate European markets through new transport infrastructure but are also part of competing plans for routing non-Russian gas to Western markets. The main focus of the present research is on the natural gas and oil sectors, as these are the traditional foundation of Russian energy exports to Europe. The aim of this paper is thus to provide an objective, evidence-based analysis of Russian activities in the natural gas and oil sectors of Greece and Bulgaria in order to establish whether its actions have been implicitly or explicitly politicized and have served to strengthen Russian influence in the region.     

Les Cortes et le Parlement au Portugal. 750e anniversaire des Cortes de Leiria de 1254: Congrès International, 26–28 novembre 2004—Leiria

SUMMARY

The Scottish Parliament, established in 1999, was to be a novel type of parliament and to herald a ‘new politics’. While it was inevitable that the Scottish parliamentary model would inherit some of the features of the Westminster system, one of the major parliamentary models in the world, Home Rulers insisted on the Scottish Parliament's need to adopt novel procedures and principles right from the start to keep it from becoming a ‘Westminister’. An analysis of Scottish Home Rule discourse in documents from the late 1980s and the 1990s shows that at the time, Westminster was constructed as an ‘anti-model’. This article establishes in what respects Westminster was an anti-model for the architects of the Scottish Parliament and describes the ideal parliamentary model which they defined. It then considers whether the Scottish model as it exists today conforms to their expectations. The case presented here is that the Scottish parliamentary system is indeed different from the British system in several fundamental respects, such as the fact that it is more committee-based and less executive-oriented, but that it is closer to the Westminster model than has been acknowledged, and that in some respects, the Scottish Parliament has moved towards that model by adopting typically British modes of functioning. Some characteristics of the Westminster system which it has integrated are the Presiding Officer's power to have a casting vote or, more controversially, the way the executive is held to account, through adversarial Question Times. The Scottish Parliament is thus neither a mini-Westminster nor an anti-Westminster: the Scottish parliamentary model is a hybrid of the West European and the Westminster models.     

Qualitätskonventionen in ökonomischen Feldern

Pierre Bourdieu and co-workers have analyzed markets as social fields. In the article I argue that the analyses done by Bourdieu cannot grasp the production of ?quality“ and ?worth“ in markets. This form of analyses fails also in recognizing that markets are differentiated spheres, whereby quality conventions are one principle therefore. ?Quality“ is related to field structure in a reductionist way. The critic of the concepts of field and habitus in France is introduced. The workings of Luc Boltanski and Laurent Thévenot as well as the associated approach of ?Economics of convention“ (EC) are used to compensate the identified gaps in the Bourdieuian approach to market analysis. The articles aims to sketch out how a combination of both approaches can open a research perspective for the sociological analysis of markets. The concept of quality conventions plays a pivotal role. It is related to the concept of field and combined with it. An illustrating example is given.     

Finanzm?rkte und ihre Sinnformen: Handlungskoordination und Signalkommunikation

The article explores theoretical arguments that help understand the specificity of financial forms of meaning as well as their dissemination beyond financial markets. It revaluates the argument, discussed in the Social Studies of Finance, that financial operations and knowledge practices are characterized by a performative logic. While this argument suggests that financial forms of meaning ought to be conceptualized as a mode of knowledge, the article proposes an alternative. Proceeding from Jürgen Habermas??s distinction between life-world and systemic rationality, it argues that financial markets rely on a distinctive mode of action coordination: actors orient their actions not at the possible motives of others but at the cumulating consequences of their action (prices). The prevalent mode of meaning in financial markets, thus, can be conceptualized as action coordination through signal communication. This mode of meaning has been institutionally and technologically fostered in the course of the twentieth century, spreading across the financial economy and beyond. As an example the article refers to current political debates about the stabilization of the Euro, which significantly evoke the idea of political signals vis-à-vis the financial markets.     

Gillard,Rudd and Labor Tradition*

Julia Gillard replaced Kevin Rudd as prime minister and Labor leader in June 2010. She describes her government as being firmly in the “tradition of Labor”. To locate it in the broad ideological continuum of Labor governments, and to test the suggestion that she is travelling a reform path set largely by the Hawke and Keating governments, I analyse the positions taken by Rudd and Gillard on a range of issues, beginning with economic policy. On social issues Gillard has been even more cautious than Rudd and this reflects her analysis of the electoral impact of Howard's Culture Wars. Her focus on educational opportunity suggests she is the logical successor to Gough Whitlam, Bob Hawke and Paul Keating. As Labor leaders, Rudd and Gillard each embraced market‐reliant policy positions. Rudd even claimed to be an “fiscal conservative”. However, with Rudd venturing a critique of neo‐liberalism, it is Gillard whose stance is closer to Hawke and Keating's “economic rationalism”. Indeed Gillard's insistence upon the centrality of markets leaves Labor with a dilemma: if there are no significant problems with relying on markets then why does Australia need a social democratic party?     

Hamas in Politics: Democracy,Religion, Violence

Ahmed Midhat Efendi, a nineteenth century Turkish author, maintained that it was necessary to establish customs duties and other barriers against foreign sellers in order to convince them to produce locally in the Ottoman Empire. This would be a way to attract foreign direct investment (FDI) to a country in need of capital and technology. However, today, liberals around the world as well as in Turkey see a free trade environment as a prerequisite for FDI. This study tries to find out whether a relationship existed between free trade and FDI inflows in Turkey during a period when the Turkish foreign trade and financial markets were almost completely liberalized.     

Asia's deepening financial crisis: Japan as a critical uncertainty

Japan's response to the economic crisis in East Asia is critical, not only for Japan itself but also for the Asia‐Pacific region and for the world. Kent Calder, Special Advisor to the US Ambassador to Japan, argues that the massive Japanese economy can potentially serve as a locomotive for the region, and as a sturdy fire wall to prevent the crisis from spreading. To do this, Japan must stimulate its economy, open markets further to Asian imports, and strengthen its financial system. If it fails, Japan could become part of the problem, instead of part of the solution.     

Developers and Speculators: Housing,Ethnic Chinese Business and the Asian Financial Crisis in Malaysia

Housing has played a central role in both the Asian and global financial crises, a decade apart. While there are major differences with respect to these roles, there are also similarities, the most obvious being the links with the banking system. The impact of these crises on the housing sector has been extensively researched, but findings have been overwhelmingly based on aggregate or sector data. Using firm-level data from Malaysia on the Asian financial crisis, this article argues that such findings can yield a distorted picture of what actually occurred in real estate markets where contextual factors played a major role. A study of ethnic Chinese businesses, which dominated the Malaysian housing sector, show that the severe impact was primarily on businesses that were over-leveraged and/or that speculated on housing in the expectation of reaping quick returns. They were small compared to the large property businesses that, though affected, survived. Non-residential real estate continued unaffected, fuelled by manufacturing to meet healthy export demand. This, and a political/economic environment accentuated by affirmative action which drove ethnic Chinese businesses toward real estate development, speaks powerfully to the importance of context in understanding specific housing markets during crises.     

Wissen und Bewertung auf Märkten

The purpose of this theoretical article is to contribute to the analysis of knowledge and valuation in markets. In each market actors must know how to value its products. The analytical point of departure of this article is the distinction between two types of markets, status and standard. In a status market, valuation is a function of the status rank orders of identities of the actors on both sides of the market, which is more entrenched than the scale of value and what is traded in the market. In a market characterized by standard, the situation is reversed; the scale of value is more entrenched than the identity rankings of actors in the market. The knowledge that market actors need is contingent upon the market structure. In a status market actors need to know of the actors involved in what is traded since there is no scale of value for evaluating the items traded in the market independently of its buyers and sellers. In a standard market it is more important to know how to meet the standard in relation to which all items traded are compared. The article entails empirical examples and four testable hypotheses.     

Challenges for currency cooperation in East Asia

The defects of the current international financial system are creating tremendous distortions in the economies of East Asia. For the time being, most of the developing countries in East Asia have no choice but to adopt some sort of a flexible, wider band system (crawling band) while resorting to capital control when necessary, in order to avoid the recurrence of the Asian currency crisis. Japan's approach to building a stable international financial system in East Asia has gone through several stages since the late 1970s. Though the latest approach of setting up the Asian Bond Fund (ABF) is a step in the right direction, the ABF has severe limitations in reducing the risks for the developing countries in Asia. The ABF needs to be replaced by the Asian Bond Corporation (ABC) in order to develop an international capital market in Asia and use the abundant saving in Asia for financing the growth of Asia. In the process of expanding the activities of the ABC, Asia can adopt the notional common currency based on a basket of major currencies. That notional currency will pave the way toward introducing the Asian common currency, which can be the ultimate goal for the economic cooperation and integration in East Asia. In the meantime, while enhancing currency cooperation, East Asia needs a lender of the last resort in order to keep its economy from collapsing from another currency attack. Japan has been trying to play that role and is poised to take that responsibility as the largest and the most developed economy in the region. International capital markets and a truly international currency must be supported by numerous institutions and intellectual frameworks. Asia is yet to build those institutions. To help build those institutions, we in East Asia need to establish a new international research institution which would coordinate the strenuous intellectual efforts needed for building institutions that bolster the international capital market in Asia. The envisaged new institute can be dubbed the "Asian Monetary Institute," or "AMI."     

Globalization and the stability of world order

Globalization brings dangers that result from the failure of governments to effectively govern markets, says Professor John Ikenberry of the University of Pennsylvania. The struggle between governments on the one hand and markets on the other defines the new reality, and governments will need to find new ways to cooperate and build regional and global institutions to manage this struggle. If the benefits of globalized markets are to be realized and sustained, new social bargains between industrial and developing countries will be needed and new international institutional mechanisms will have to be devised.