Hedge Funds, the Deutsche Börse Affair and Predatory Anglo-American Capitalism

Boardroom trouble at Deutsche Börse, the company that operates Germany's main stock market, has recently provoked an important debate about competing capitalist models. Werner Seifert, Deutsche Börse's ousted Chief Executive, was eager to portray himself as the innocent victim of aggressive Anglo-American investors who had bought into his company but failed to understand its traditional operating ethos. In this, he was ably supported by key figures within the ruling Social Democratic Party, who, in order to shore up the party's core support, had increasingly come to blame overseas hedge funds for the development of German corporate governance models which prioritised profits over jobs. I review the SPD's structural reading of the Deutsche Börse affair, whilst comparing it to an alternative interest-based reading. The latter allows me to focus more closely on the issue which, more than any other, led to Seifert's downfall: his refusal to bow to the expressed interests of his own shareholders by pressing ahead, against their wishes, with a hostile bid for the London Stock Exchange. Seifert's eventual removal foreclosed the possibility of an integrated London-Frankfurt stock market and, somewhat ironically given the SPD's response to the affair, as a consequence it also prevented the entry of London's highly capitalised institutional investors into the German market for corporate control. The actions of Deutsche Börse's overseas shareholders might still be seen as evidence of a predatory Anglo-American capitalism. However, their successful removal of Werner Seifert may well have been responsible for temporarily keeping other financial predators at bay.     

Window of opportunity: Reflections on an idea fashionable in the west

The essay warns about the extreme danger of the fashionable idea that the West has only a marginal role to play in Russia's integration into the world community. It does not take into account the ferocious war of ideas in post‐Soviet Moscow which all but insures that nationalist ambition ‘to return Russia to the status of a leading global power’ would come out a winner. As a result of this the window of opportunity that opened after the disintegration of the Soviet empire may well slam shut again. The only way to prevent it seems to be for the West to create its own strategy of Russia's integration in which the dominant up to now theme of economic assistance (hardware) is replaced by the theme of intellectual participation (or the software of integration). That is why the purpose of the essay is to try to offer a logical set of criteria that could provide the basis for such an intelligent strategy.     

Russian cultural penetration of Syria‐Palestine in the nineteenth century (PART II)

The Baha'i Faith: The Emerging Global Religion. By William S. Hatcher and J. Douglas Martin. San Francisco and London (Harper &; Row, 1985). Pp. 226. Illus. Index. £11.95.     

Transitional Politics of Memory: Political Strategies of Managing the Past in Post-communist Romania

Abstract

The article develops a typology of political strategies of coming to terms with the past as a theoretical frame of reference against which it assesses the transitional politics of memory pursued in Romanian post-communist society. It argues that after an initial ‘elusive’ strategy based on a politics of amnesia gave way to a confrontationist stance promoting a politics of anamnesis, the communist past was both politically criminalised and symbolically demonised. The article concludes by arguing that the failure of the ‘mastering the past’ paradigm epitomised by the 2006 Tism?neanu Report needs to give way to a ‘normalising’ paradigm of remembering Romanian communism.     

Shopping for Men: The Single Woman Narrative

Philips adresses a relatively new genre of fiction for women readers- including works by Jane Green, Freya North, Jane Gordon, Marian Keyes and the journalist Kathryn Flett- namely, that of the working woman romance narrative. These are novels that are addressed to a generation of young women who have independent incomes, are in work and are skilled consumers. The title, 'Shopping for Men', refers both to the consumption of men as objects of romance, and to the deployment of consumer skills in order to create a man worthy of the heroine's desire. In these novels, romance and sexual desire are contingent upon the reader and heroine appreciating and valuing consumer items. Using Bourdieu's argument that distinctions of taste are integrally related to class relations, the paper suggests that 'Mr Right' in these novels is required to display an awareness of consumer labels, and an ability to purchase them that surpasses that of the heroine. Philips will suggest that, while the heroines of these narratives assume all the gains of feminism, the romantic expectations are those of traditional gender relations, and that, while the female protagonist is assumed to be a working woman with a successful career, the romantic denouement depends on a hero whose work and social status are superior to hers.     

In other journals

Historical Foundations of the Common Law, Second Edition. S.F.C. Milson . London 1981. Butterworths. pp xii &; 475 (incl. Index). £18 cased, £11.95 limp.?

Marriage Settlements 1601–1740. Lloyd Bonfield. Cambridge 1983. Cambridge University Press, xviii &; 136 pp. (incl. index). £19.50.

The English and Colonial Bars in the 19th Century, Daniel Duman, London, 1983. Croom Helm, xv + 228 pp. (incl. index). £13.95.