The political economy of capital flows and capital controls in Malaysia

This paper explains the neo-liberal reform measures – foreign direct investment (FDI) policies, financialisation and labour market reform – of the Korean economy following the 1998 economic crisis. It investigates how they have influenced a process identified as the bipolarisation of Korea. Although the increase in FDI inflows has contributed to the economy by overcoming balance of payments difficulties, it has led to increased income inequality. As a result of labour market reforms that targeted labour market flexibility, the number of non-regular/non-standard and part-time workers has increased significantly over the past decade. Labour market reform and financialisation aggravated the bipolarisation.     

Social capital, social liabilities, and political capital: Social networks and informal manufacturing in Nigeria

This article addresses the question of why social networks havefailed to promote economic development in Africa when they havebeen associated with economic growth in other parts of the world.Detailed field research traces the role of social networks inthe economic organization of two dynamic informal enterpriseclusters in the town of Aba in south-eastern Nigeria, an arearenowned for the density of its popular economic networks andfor the rapid development of small-scale manufacturing underNigeria’s structural adjustment programme. Focusing onthe role of embedded social institutions and their restructuringamid the competitive pressures of rapid liberalization, I considerthe extent to which social networks in Aba constitute ‘socialcapital’ capable of promoting economic development inthe context of ongoing liberalization, ‘social liabilities’that undermine accumulation through a social logic of redistributionand parochialism, or ‘political capital’ throughwhich popular forces are incorporated into the ‘shadowstructures’ of predatory states. This article challengesthe essentialism of much of the contemporary literature on Africansocial networks, arguing for a sharper focus on the specificinstitutional capacities of indigenous economic institutions.It calls for greater attention to the role of rapid liberalizationand state neglect in explaining the developmental failures ofAfrican informal enterprise networks.     

Social capital and support for the welfare state in Russia

Few tasks are more important in a post-communist setting than rebuilding the welfare state. We study individual preferences for increasing social welfare spending to reduce inequality. Using two surveys of about 34,000 and 37,000 Russians, we show the great importance of the “bridging” type of social capital for redistribution preferences in Russia, as it precludes possibilities of cheating and free-riding on the welfare state. Instrumenting social capital with education, climate, and distance from Moscow, we deal with endogeneity concerns and also contribute to our understanding of the deep roots of social capital in Russia. We claim that social capital in post-socialist countries could help mobilize public support for redistribution even where institutions are weak.     

Financial crisis and capital controls: Latin America

Over two decades Chile has moved from an inward‐looking model of development based on industrialisation through import‐substitution to an outward‐looking model opening the economy to the outside world and based on export‐led development. This shift has brought about a profound change in the country's trade policies, entailing the adoption of neutral tariffs and tax policies, non‐discriminatory policies, and low level of protection. As a consequence, there has been a drastic improvement in the resource allocation process. Diversification of the country's foreign markets is a key component in the success of the new strategy, which has been reflected in the country's rapid economic growth of the last 12 years.     

A legacy reassessed: Helmut Kohl and the German party finance affair

Revelations about former chancellor Helmut Kohl's party finance practices spawned the biggest scandal in post‐war German political history. Though some details of this affair's scope remained unclear or in dispute, the author argues that large, unreported private contributions served Kohl's strategy for managing his Christian Democratic Union: such resources helped fund the modern party organisation that he had built and sustained his own quasi‐feudal network of personal relationships at all levels. His intense partisanship made it easier for him to justify circumventing party finance laws. Yet evidence for the contention that Kohl took such funds in exchange for granting policy favours remains more ambiguous.     

Living in the Marikana world: The state,capital and society

Abstract

The ‘Marikana massacre’ that happened on 16 August 2012 at Lonmin mine near Rustenburg in the North-West province of South Africa, in which the South African police shot dead 34 mineworkers for protesting against low wages and other unbearable employment and/or living conditions, cannot be understood as merely an accidental event. It may therefore be useful to view the massacre as one of those tragedies that dramatises, in visible ways, the generally hellish conditions which the peoples of the non-Western world have come to endure ever since the advent of Western modernity. The ‘voyages of discovery’ undertaken by figures such as Christopher Columbus after 1492 marked the commencement of a world system characterised by a Western-centred modernity whose ‘darker side’ inflicted hellish conditions on the non-Western subject, while its ‘brighter side’ in the West saw positive developments – from the 16^th-century ‘rights of people’ to the 18^th-century ‘rights of man’, up to the late-20^th-century ‘human rights’. This article is a decolonial critique on the Marikana massacre and seeks to explain how the modern world system has, since its advent in 1492 as global power structure, been producing a series of ‘Marikana-like’ conditions and events on the part of the non-Western subject that underlies its hierarchical arrangement. The article's point of departure is that rather than understand the Marikana massacre as a unique event or accident, it can better be characterised as a sign of the non-Western subject's subjection to Western-centred modernity. The article explicates how the modern South African state and capital are part of the same ‘colonial power matrix’ (Quijano 2000a), hence the two were bound to be on the same side against labour during the Marikana massacre.     

Beyond the logic of capital and the polarization model

Foreword by Alfred W. McCoy to Voices from the Plain of Jars: Life under an Air War, edited by Fred Branfman with essays and drawings by Laotian villagers. (2nd ed. Madison: University of Wisconsin Press, 2013. xix+176 pp.). First published in 1972, Voices from the Plain of Jars was instrumental in exposing the massive secret U.S. bombing of Laos during the Vietnam War. In this expanded edition journalist and peace activist Fred Branfman brings the story forward in time, describing the hardships that Laotians faced after the war when they returned to find their farm fields littered with cluster munitions—explosives that continue to maim and kill today.     

International capital,Singapore's state companies,and security

Since the Asian economic crisis in 1997-98, the Singapore government has embraced neoliberal globalization to a degree not matched elsewhere in East or Southeast Asia. Yet the consolidation and expansion of Singapore's state companies are also integral to this strategy. These companies are increasingly the objects of critical attention from elements of international capital that are seeking to make inroads into various sectors of the Singapore economy. This includes pressures to reform governance systems from which state companies derive competitive advantages. This article examines the nature and political strength of these challenges, the responses to them by the Singapore government, and the implications of this for the future of the authoritarian regime. The article also analyzes the changing geopolitical context within which such disputes are being played out. Security concerns by the U.S. government in particular, it is argued, are mediating conflict over state companies and presenting new opportunities for the authoritarian regime to consolidate.     

Ethnicity and capital: Changing relations between China and Southeast Asia

This article seeks to debunk the persistent myth of an ethnically-based Chinese capitalism and the culturalist view of an “economic miracle” created by Asians of Chinese descent. This myth claims that Chinese entrepreneurs constitute a closed category with homogenous ethnic attributes and cultural values that have enabled them to achieve economic success. This article disputes such primordialist views and proposes an alternative analysis of the cultural economy of regionalisation and constructions of Chineseness. It deconstructs the politics of culture and identity, and argues for the need to analyse Southeast Asian Chinese entrepreneurship within specific historical, geographical, economic, political and socio-cultural contexts.     

Avoidance and appropriation in Bishkek: dealing with time,space and urbanity in Kyrgyzstan's capital

ABSTRACT

Much has changed since Frunze was renamed Bishkek in 1991 and became the capital of independent Kyrgyzstan. Though it was once considered to be among the ‘greenest’ and most ‘orderly’ cities of the Soviet Union, today many of its long-term residents complain about the new settlements (novostroiki) that have emerged during the last two decades. To Bishkek's urbanites, the recent arrival of migrants is not associated with an escape from rural poverty and a rightful struggle for civic rights, but indicates a massive cultural and aesthetic degradation of familiar urban life. In this article, beyond contesting narratives of cosmopolitan nostalgia vs. legitimate belonging, I investigate how urban practitioners in fact produce and deal with different spaces in the city. My ethnographic accounts not only identify social avoidance as an essential pulse of Bishkek's current rhythm, but also illustrate that after a period of post-rural socialization previously stigmatized migrants may manage to smoothly blend into urban spatial flows and lifestyles.     

Consanguinity as capital in rights assertions: Japanese-Filipino children in the Philippines

This paper examines the material dimensions of ethnic identity claims by Japanese-Filipino children in the Philippines and non-governmental organizations (NGOs) advocating on their behalf. Most Japanese-Filipino clients of NGOs in the Philippines were raised by their Filipino families with little knowledge of their Japanese fathers and little or no lived experience of Japan. Although these children and young adults are often called “multi-cultural” by NGO workers, they frequently grow up with no connection to Japan other than an awareness of their Japanese parentage and Japanese cultural products equally accessible to most Filipinos. I argue that filiation can be leveraged to gain access to resources not only through the legal implications that are provided by biological relationships, but also through symbolically salient claims for belonging to a nation or people by virtue of descent. This consanguineal capital should primarily be understood in politically symbolic terms, mobilized in processes of claims-making and based on notions of “blood” and belonging and their frequent conflation with ethnicity.     

Paris (COP21) Agreement: Loss and damage,adaptation and climate finance issues

Climate policy documents are more interesting for what they leave out than what they contain. Using the COP21 negotiating texts, this article analyses the Paris Agreement to determine the good, the bad and the ugly of this ‘landmark’ document regarding loss and damage (L&D), adaptation and finance. The article establishes that among the good is that we have a universal deal in place that speaks to L&D and adaptation. the bad remains that developing and weaker nations are still vulnerable, in negotiations and to climate change. Among the ugly is the emerging unholy alliance between the referees (national governments) and key players (business and industry) that resulted in a quasi-legally binding deal. Furthermore, we continue to have endless financial promises. Since Gleneagles in 2005, when $50 billion in aid was promised by the G8, $100 billion per annum was promised from Copenhagen’s COP15 in 2009, to the scale-up promises of $100 billion annually from 2015 – developing countries are still waiting for these promises to be met. Drawing from Africa’s adaptation funding needs of $15 billion annually, as estimated by the United Nations environment Programme to 2020, and the $50+ billion annually thereafter to 2050, the article concludes that the global adaptation funding gap remains huge. We therefore recommend that domestic mobilisation of financial and other resources remain a viable option.     

俄罗斯资本市场发展及其有效性分析

俄罗斯转轨以来,市场体系不断完善.其中,近年来资本市场的发展尤为引人瞩目.从俄罗斯股票指数建立至今,其回报率已经超过了11倍,那么,是什么因素在推动俄股市的增长.本文把俄罗斯的股票市场分成两个阶段,以1999年为界,考察在此前后俄罗斯股票市场的变化,并找出相关的影响因素.最后,运用CAPM模型对俄罗斯的股票市场进行实证分析,验证俄罗斯资本市场风险变化及其有效性.