From calculation to alienation: disentangling economic abstractions

This article uses a debate between Michel Callon and Daniel Miller to explore tensions within economic sociology and anthropology.The tension is between characterizations of markets and economic rationality that seem to dissolve them into a generalized notion of culture and those which seem to abstract them as specific social forms. The paper argues that markets are best defined in terms of a form of transaction rather than a specific mode of calculation: market transactions involve the alienation of goods in the form of property. Such transactions require the kinds of socio-technical apparatuses that Callon describes, in order to establish both alienability and its limits; on the other hand, and drawing on Callon's own concepts of framing and overflowing, such transactions allow for more diverse, ambiguous and contradictory forms of calculation than Callon seems to allow. The latter point is developed particularly in relation to cultural calculation, typified by marketing and advertising.     

POLICY IMPLICATIONS OF SOCIO-ECONOMICS*

Avariety of efforts are currently underway to develop alternatives to the neoclassical paradigm and neoclassical analysis of economic behavior. Here, the author seeks not to argue which approach is most productive, but to demonstrate the useful policy implications of adding key noneconomic (so- cial, psychological and political) variables to a paradigm that attempts to model economic behavior. This co-deterministic paradigm is called socio- economics. The article discusses the different and often insightful policy analysis that results from employing a socio-economic set of variables in four major areas: (1) allowing for shifting preferences; (2) including institu- tional contexts and influences within which individual transactions take place; (3) recognizing the effects of political as well as economic power differences; and (4) combining macro and structural policies.     

Fixed Content of Political Obligations

An aspect of political obligations that has received little attention is the means through which their content, i.e., exactly what is required of their bearers, is determined. An adequate moral basis for political obligations must account for this requirement, which is closely linked to the concept of authority, the state's right to substitute its judgement in various areas for the subjects' own. The problems faced by theories of obligation based on gratitude and tacit consent in fixing the content of obligations are examined, while I show how a theory based on the principle of fairness is able to overcome them. As long as a cooperative enterprise supplies public goods that are indispensable to minimally acceptable lives and require 'regulated cooperation' for their supply, it is able to ground obligations with fixed content under the principle of fairness.     

In Defence of Associative Political Obligations: Part One

Part One of this article seeks to defend the idea of associative political obligations against a number of criticisms that have been advanced opposing it. The purpose of this defence is not to demonstrate that the associative account is therefore the best explanation of political obligations, but only that the principal reasons which have been given for rejecting it are much less compelling than its critics maintain. The argument focuses in particular on the various criticisms advanced by A. John Simmons. Two general lines of defence figure especially prominently. First, it is shown how many of the criticisms in one way or another ultimately rest on the assumption that political obligations must be voluntarily acquired, when it is just this assumption that is contested by an associative account. Secondly, it rebuts the charge that the idea of associative obligations faces a particular problem because it entails the view that members must have obligations to associations or groups that are evil. While it is not claimed that the idea of associative political obligations is entirely without difficulties, it is contended that stories of its demise are greatly exaggerated, and in this respect the ground is laid for Part Two of the article, which sketches a particular account of associative political obligations.     

The Political Economy of India's Fiscal Federal System and its Reform

This article examines recent and potential reforms in India'sfiscal federal system. We summarize key federal institutionsin India, including tax and expenditure assignments, and mechanismsfor Center–state transfers. We discuss the institutionalprocess by which reforms can and do take place, including therole of academics, political influences, and especially institutionssuch as the Finance Commission. In contrast to the past, recentcommissions have played a greater role in articulating an agendafor fiscal federal reform, which then proceeds through politicalbargaining. This change has taken place in the context of, andbeen influenced by, broader economic reform in India.     

Appropriation, violent enforcement, and transaction costs: a critical survey

This paper focuses on the extension of transaction costs to appropriative activity and coercive power in the property rights approach. It has been argued that including the costs of appropriation and violent enforcement in transaction costs is based on the assumption that Coaseian bargaining can be extended to any institutional scenario, i.e., voluntary as well as coercive exchange. However, voluntary transactions cannot capture the logic of coercive power. This means that the assumption of an efficient political market is not valid, and that the ??political Coase theorem?? lacks the logical consistency to provide a cornerstone for political theory.     

The Civic,Economic, and Political Consequences of Pentecostalism in Russia and Ukraine

In contemporary Russia and Ukraine, Pentecostalism carries with it commitments to civic engagement and democracy, strong bonds of social capital, and the embracing of an entrepreneurial spirit. In this article, the authors analyze the origins of Pentecostalism in Russia, Soviet methods of repression, and Pentecostal survival strategies. Continuing, the authors examine the political efficacy of Pentecostals, their civic commitments, their embracing of the free market, and the strength and nature of social capital among them. While the authors conclude that it is too soon to conclude that Pentecostalism will bring about democracy, civil society, and free markets in Russia and Ukraine, they argue that Pentecostalism is proving itself a popular choice in the contemporary religious marketplace and that choice is not without significant civic, economic, and political consequences.     

Public opinion, party messages, and responsibility for the financial crisis in Britain

The political consequences of the crisis in world financial markets are only beginning to be understood. In this article, we take up one of these many repercussions by examining public beliefs of who’s to blame for a complex and unparalleled set of events. Analyses of survey data from Britain find that while most assign responsibility for the crisis to market actors, the likelihood of blaming governments, as opposed to blaming banks and investors, is greater among low sophisticates and Conservative Party identifiers. We further show how elite messages from competing political elites evolved over-time and were reflected in mass beliefs about the crisis. Results highlight the centrality of partisan cues and, in particular, of political sophistication in understanding the dynamics of responsibility attributions. Lastly, we estimate the consequences of blaming the government for the crisis for voter choice.     

Municipal Debt Issues in Foreign Markets: Managing Currency and Interest Rate Risk

Since the mid-1980s, there has been an acceleration of state and local government interest in the taxable bond market as a source of capital. This has resulted from, among other factors, restrictions imposed on economic and industrial development loan programs resulting from the passage of the Tax Reform Act of 1986. Increased state and local government involvement in the taxable bond markets has increased competition for such capital between the public and the private sectors. In turn, the developing capital competition has expanded into overseas securities markets. Private sector corporations have frequently accessed foreign capital markets to take advantage of lower interest rates and reduced financing costs. By contrast, state and local governments have accessed such markets only recently. This article discusses the policy issues considered by a state or local government entity when it decides to borrow funds in foreign markets and discusses the issues involved in managing currency and interest rate risk when issuing municipal bonds in foreign markets. It includes a review of the hedging techniques used by the Kentucky Development Finance Authority (KDFA) to protect against changes in the Yen/Dollar exchange relationship on a recent Samurai bond issue sold by KDFA as an example of such a transaction.     

Change and Permanence in Political Parties

Incessant changes alter political parties in their organization, structure, recruitment and all other characteristics. Nevertheless, they are usually credited with stable features by which they are identified, and which enable them to be classified. If we consider French political parties, it is possible to demonstrate that both change and apparent stability arise from interaction within each party as well as between them and between the social organizations to which they are linked. These interactions and their effects must be related to general processes, such as social and cultural transformation; they cannot be solely explained by specifically political competition.     

Newspaper markets and municipal politics: how audience and congruence increase turnout in local elections

Media coverage of politics is widely considered essential to political participation. However, studies on local elections do not yet generally take the effect of the media environment into account. This article posits that the territorial fit between newspaper markets and municipal boundaries makes citizens’ exposure to locally relevant news more likely. We use fine-grained data on newspaper readership in order to assess the effect of the territorial structure of the newspaper market on turnout in municipal elections in Switzerland. The analysis shows that newspaper audience in a municipality and the congruence of newspaper markets with municipal territories both have substantial positive effects on levels of turnout in municipal elections. The findings suggest that future research on local political behavior should better acknowledge the influence of the media environment – which can be adequately measured by newspaper audience and congruence. Implications are that current structural changes in the media system bear threats to local democracy via the territorial upscaling of media markets.     

In Defence of Associative Political Obligations: Part Two

This article continues the defence of associative political obligations begun in Part One. It does so by sketching an argument that supports commonplace ideas about our having a special, ethical relationship with the polity of which we are members. The argument begins by showing how non-voluntary groups in general can have value, and then seeks to identify the generic good of a polity: that good is the provision of order and security. While this is a necessary condition of associative political obligations, it is not sufficient. It needs to be supplemented by an argument explaining why we have obligations to the particular polity of which we are members. This 'associative' argument has two sides to it. The first explains how membership of a polity is for most people something like an ascribed status; that is, an identity or role that a person is taken to occupy without having chosen it. The second suggests how, through a process of identification, we incorporate membership within our self-understanding. The article concludes with some brief remarks about anarchism and why political obligation matters.     

It’s not me,it’s you: the functioning of Wall Street during the 2008 economic downturn

Public officials have blamed Wall Street and its complex financial products for causing the 2008 economic downturn. This article addresses three popular claims saying that complex financial markets are at fault and need more regulation. It argues that even in the midst of a major economic downturn, the much-maligned mortgage-backed securities, collateralized debt obligations, credit default swaps, and unregistered hedge funds functioned almost exactly as designed. When macroeconomic conditions worsened, firms and investors that were paid to assume certain risks had to assume them. Those that opted for safer investment vehicles with more levels of private protection faced fewer problems. Although many investment vehicles lost money, one must differentiate between problems that manifested themselves in markets and problems with the market itself. Even though government policies caused many of the problems, public officials always have an incentive to point the finger at Wall Street and to argue for more regulations when their policies negatively affect markets.     

网络空间政治安全的国家责任与国家治理

在国家治理现代化进程中,网络空间政治安全治理是主权国家必须担负的政治责任和时代使命,也是必须履行的政治义务,它体现着主权国家的现代治理能力。事实上,在网络化、信息化、技术化和全球化时代,网络空间国家政治安全已经发生了很多不同于物理时空环境中的变化。这是建构网络空间政治安全观以及国家治理责任的根本前提。在此前提下,网络空间政治安全观以及国家治理责任的建构,还需要以网络空间中技术环境、政治权力与政治权利的结构与配置、各政治主体的利益诉求与表达以及心理认知等为核心要素。因此,网络空间政治安全的国家治理应从两个方面进行:即在物理层面上,国家对于网络和通讯通信基础设施的保障和创新;在治理层面上,国家应从网络空间政治安全的制度化能力、控制能力和控制智慧、国家认同与国家合法性以及治理体系建构能力等方面理性、科学、协同地维护和捍卫网络空间政治安全。     

Can Local Ordinances Prevent Neighborhood Destabilization?

This article assesses the ability of local housing ordinances to prevent neighborhood destabilization, specifically that arising as a consequence of the most recent housing crisis. We evaluate the degree to which vacancy registrations and point-of-sale inspection requirements influenced housing market outcomes during the housing crisis. With comprehensive real property data from Cuyahoga County, Ohio, we measure outcomes that characterize housing market distress including foreclosures, sales below the tax-assessed value, bulk sales, flipping, and property tax delinquency. We evaluate outcomes across properties in regulated and unregulated municipalities using matching procedures on linked data containing property, neighborhood, loan, and transaction characteristics. We find evidence that vacancy registrations substantially reduce foreclosures. In contrast, we find little evidence that point-of-sale inspections reduce undesirable transactions. Rather, properties in cities with inspection requirements displayed higher levels of foreclosure and tax delinquency relative to the control group during the study period.     

Ideas and Coordination in Policymaking: The Financial Crisis of 2007–2009

Policy change occurs because coalitions of actors are able to take advantage of political conditions to translate their strong beliefs about policy into ideas, which are turned into policy. A coalition's ability to define a problem helps to keep policies in place, but it can also cause coalitions to develop blind spots. For example, policy subsystem actors will often neglect the need for coordination between governmental actors. We examine the financial crisis of 2007–2009 to show how entrenched policy ideas can cause subsystem actors to overlook the need for policy coordination. We first analyze the prevalent idea that policymakers should aim to keep inflation low and stable while employing light touch regulation to financial markets. We then demonstrate how this philosophy led to a lack of coordination between monetary and regulatory policy in the subprime mortgage market. We conclude with thoughts about the need for coordination in future economic policy.     

Coping with the Global Economic Crisis: The Regional Political Economy of Emergency Social Shock Absorbers in Italy

This article contributes to the debate on governing the global financial crisis, focusing on the regional governance of emergency social shock absorbers in Italy. The article seeks to make two related contributions. First, it argues that subnational governments have been the main drivers of change in labour market policies. Second, it shows that state–local governance elicited a path-altering system by ‘patching up’ a hybrid administrative structure and by ‘converting’ the traditional goals of social shock absorbers from income maintenance to welfare-to-work. The article provides qualitative evidence on the changing organizational bases of the labour markets of two large Italian regions: Lombardy and Emilia-Romagna. Evidence suggests that administrative innovation and path dependence intertwined in the governance of the global economic crisis in Italy, mitigating the entrenched distortions of labour market policies.     

The Political Consequences of External Economic Shocks: Evidence from Poland

How do external economic shocks influence domestic politics? We argue that those materially exposed to the shock will display systematic differences in policy preferences and voting behavior compared to the unexposed, and political parties can exploit these circumstances. Empirically, we take advantage of the 2015 surprise revaluation of the Swiss franc to identify the Polish citizens with direct economic exposure to this exogenous event. Using an original survey fielded prior to the 2015 elections and an embedded survey experiment, we show that exposed individuals were more likely to demand government support and more likely to desert the government and vote for the largest opposition party, which was able to use the shock to expand its electoral coalition without alienating its core voters. Our article clarifies the connection between international shocks, voters’ policy preferences, partisan policy responses, and, ultimately, voting decisions.     

Economic Crisis and Institutional Resilience: The Political Economy of Migrant Incorporation

This article focuses on the situation of migrants and their descendants in European labour markets. This important socioeconomic dimension of the current crisis illuminates the role of pre-existing policies and institutions and points the way to political solutions. The article begins with a comparative puzzle: how can one account for cross-national, cross-local, and cross-sectoral variation in the labour market outcomes of migrant-origin minority groups and explain migrant-origin and gender differences. This is followed by a critical examination of debates on the ‘integration’ of migrants and the ‘second generation’ reflecting political diatribes on the across-the-board poor performance of minorities and the role of ethnic or religious factors. An alternative explanation underscores the importance of policy paradigms and institutional hurdles focusing on three aspects of European political economies: welfare state arrangements, education, and sub-national labour market policies. The arguments put forth rely on comparative aggregate data and surveys in countries representative of ideal types according to the original version of the varieties of capitalism, worlds of welfare, and integration models literature, in particular France, Germany, Sweden, and the Netherlands.     

The big,bad wolf and the rational market: portfolio insurance,the 1987 crash and the performativity of economics

This article distinguishes two meanings of the performativity of economics, a thesis advanced by Michel Callon: ‘generic’ performativity, according to which markets and other economic relations are not to be taken as given, but as performed by economic practices; and ‘Austinian’ performativity, in which economics brings into being the relationships it describes. The two versions of performativity are explored by means of an examination of the history of portfolio insurance (a financial-market technique based on the economics of option pricing), of the 1987 stock market crash, and of subsequent efforts to diagnose the causes of the crash and to redesign the market to avoid future catastrophe. The article emphasizes the extent to which the financial markets of high modernity are designed entities, and argues that the question of their design is always a political question, even if it is seldom recognized as such.