On the Resilience of Illegal Drug Markets

This paper argues that the concept of resilience is a fruitful way of understanding the impact of repressive policies on illegal drug markets. For the purpose of this article, resilience is defined as the ability of market participants to preserve the existing levels of exchanges between buyers and sellers, despite external pressure aimed at disrupting the trade. The first part of the paper highlights how some of the core features of illegal drug markets, a decentralized structure and high prices, contribute to increasing their resilience to attacks. The second part develops a framework that can be used to compare markets on the basis of their resilient properties. Some of the empirical and policy implications of the framework are discussed in the conclusion.     

The emergence of the entrepreneurial state in contemporary China

As market reform has progressed in China, state bureaux have adapted and become entrepreneurial. This contradicts expectations that states will either simply retreat in the face of encroaching markets to play a minimal role in the economy, or obstruct market‐oriented change through bureaucratic conservatism or rent‐seeking. This paper describes the state entrepreneurialism that has appeared in the Chinese city of Tianjin in the early 1990s and explains its emergence as the consequence of both market‐induced structural transformation and the resultant changing incentives and demands on officials. It proposes the ‘entrepreneurial state’ as a model of state adaptation to marketization and assesses its implications for both our conception of the developmental state and for anticipation of rent‐seeking and resistance to market reform.     

“Ragged urchins play on marquetry floors”: The discourse of filtering is reconstructed, 1920s–1950s

The idea of filtering has played a key role in our understanding of housing markets and in framing federal policy. The origins of the idea, however, and of the term itself, are poorly understood. Drawing loosely on the approach of discourse analysis, this article clarifies both issues, arguing that language shapes how we think about housing policy, and indeed policy itself. The concept of filtering emerged in Great Britain in the late nineteenth century where, by 1900, it informed arguments in favor of municipal (public) housing. It became influential in the United States in the 1920s but in 1938 was still referred to in different ways, notably as “hand-me-down housing.” Here, it was understood more narrowly, as an alternative to public housing. After 1939, the Federal Housing Administration, though not its leading consultant Homer Hoyt, popularized the term “filtering.” The neutral connotations of this metaphorical term suited the agency's goal of developing an apparently objective discourse of housing markets and market analysis. The term was normalized by the early 1960s.     

The problem of Irish Unionism

The paper is a critique of a recent article by Luke Martell which attempted to set out a new, non-statist and non-coercive socialist agenda. The critique suggests that coercion and repression are probably inherent to the socialist project and that Martell's proposals fail to address this. It also takes issue with Martell's proposals for limiting the role of markets and for developing local forms of corporatist agencies. The assumption that market capitalism is in some way antithetical to communal morality is also challenged on the grounds that genuine communalism is likely to arise out of voluntary co-operation rather than state-sponsored initiatives and programmes.     

Business as usual

The tech stock crash of 2000 discredited the new economy as business model. This article introduces a journal special issue which takes up the challenge of putting new economy developments into this post-crash perspective and establishing long-run continuities, without discounting the importance of what happened. This article opens the debate by highlighting two themes in the articles that are collected together in the special issue: first, it discusses what was and is the new economy in the USA; second, it examines the relevance and resonance of the new economy in Europe.     

Economies of contagion: financial crisis and pandemic

Abstract

The outbreak of an influenza A (H1N1) pandemic in 2009 coincided with a severe global financial downturn (2007–8). This paper examines the use of ‘contagion’ as a model for assessing the dynamics of both episodes: the spread of infection and the diffusion of shock through an intrafinancial system. The argument is put that a discourse of globally ‘emerging’ and ‘re-emerging’ infection helped to shape a theory of financial contagion, which developed, particularly from 1997, in relation to financial crises in ‘emerging markets’ in Southeast Asia. Conversely, concerns about the economic impact of a global pandemic have been influential in shaping public health responses to communicable diseases from the early 1990s. The paper argues that tracing the conceptual entanglement of financial and biological ‘contagions’ is important for understanding the interconnected global environment within which risk is increasingly being evaluated. The paper also considers the consequences of this analogizing for how financial crises are understood and, ultimately, how responses to them are formulated.     

On arbitration,arbitrage and arbitrariness in financial markets and their governance: unpacking LIBOR and the LIBOR scandal

Abstract

Amongst a series of scandals to hit international financial markets in recent years, that surrounding the London Interbank Offered Rate (LIBOR) – a highly influential interest rate benchmark – has attracted particularly intense media scrutiny. This paper seeks to push beyond conventional understandings to unpack critically both LIBOR itself and the scandal involving its manipulation by major international banks. Envisioning LIBOR as a commodity beset by inherent contradictions, the paper mobilizes the tropes of arbitration, arbitrage and arbitrariness to illuminate, respectively: the market-making work performed by LIBOR; its role in enabling the transfer of financial risk, most notably when fraudulently manipulated; and the nature of the regulatory prosecution of such manipulation.     

有价证券诈骗罪客观方面若干问题研究

有价证券诈骗罪在客观方面表现为使用伪造、变造的国库券或者国家发行的其他有价证券进行诈骗活动,其行为有伪造、变造、虚假权利质押、恶意买卖、冒用、空买空卖等不同的方式,犯罪使用之物也包含虚假的地方政府债券、金融债券、国家有价证券、外国有价证券众多形式,颇为复杂。     

美国涉外证券民事诉讼管辖权制度研究

文章以美国联邦证券法律体系中的涉外证券民事诉讼管辖权制度为对象,从管辖权的“法律基础”与“合理依据”两方面着手,重点论述了联邦证券法下的级别管辖、一般管辖问题。同时,对美国1971年《第二次冲突法重述》的相关规定及其在实践中遇到的问题进行了一定探讨。文章认为,对涉外证券立法严重滞后于相关实践的我国而言,美国在涉外证券管辖权方面的立法与实践,对我国相关制度的构建具有一定的借鉴意义。