Reconceptualizing financial innovation: frame,conjuncture and bricolage

Abstract

This article argues for a reconceptualization of financial innovation which, as culprit and victim of the current crisis, is now damned by those who once praised it. But what is financial innovation? The dominant answers from mainstream finance and social studies of finance share variations on a rationalistic view whereby financial innovation is about improving markets or at least extending the sphere of rational calculability. Because improvisation is more important than the dominant perspectives can admit, this article proposes a new concept of financial innovation whose three main elements – frame, conjuncture and bricolage – are indicated by the title of this article. The importance of this problem shift is that it highlights the inherent fragility of this type of intermediary-led financial innovation where things will often miscarry and highlights the need for a more radical rethinking about policy responses to the financial crisis that began in 2007.     

Labour protest and industrial peace: Russian steelworkers’ encounters with economic reforms and unravelling social protections

Abstract

This paper is about knowledge limits and the financial crisis. It begins by examining various existing accounts of crisis which disagree about the causes, but share the belief that the crisis represents a problem of socio-technical malfunction which requires some kind of technocratic fix: the three variants on this explanation are the crisis as accident, conspiracy or calculative failure. This paper proposes an alternative explanation which frames the crisis differently as an elite political debacle. Political and technocratic elites were hubristically detached from the process of financial innovation as it took the form of ‘bricolage’, which put finance beyond technical control or management. The paper raises fundamental questions about the politicized role of technocrats after the 1980s and emphasizes the need to bring private finance and its public regulators under democratic political control whose technical precondition is a dramatic simplification of finance.     

Experiencing Community Psychology Through Community-Based Learning Class Projects: Reflections From an American University in the Middle East

Many introductory community psychology courses do not incorporate community-based learning (CBL), and when they do, it is most often in the form of individualized volunteer hours. We present an alternative model for CBL in which the entire class collaborates on an experiential project that promotes community action. We believe that such an approach better embodies the values and methods of the discipline and has a more powerful impact on the students and stakeholders. It may be especially effective in developing countries that do not have an established network of service infrastructures; in such nations the onus is on the teachers and learners of community psychology to contribute to transformative change. In this article practical guidelines are provided by the instructor regarding how to structure and implement this CBL model. Additionally, two students describe how the CBL experience solidified their learning of course concepts and significantly impacted them personally.     

Transnational Media,Regional Politics and State Security: Saudi Arabia between Tradition and Modernity

Saudi Arabia is a crucially important media player in the Middle East, commanding modern, sophisticated and far-reaching media systems. Driving the Saudi media hegemony is what may be loosely termed ‘a security imperative’ which is tightly connected to internal dynamics, geopolitical considerations and regional rivalries. Empowered with its oil wealth, Saudi Arabia pursued a dual media strategy, operating state-controlled and circumscribed domestic media systems which insulate the population from undesired external influences and uphold the religious sensibility of the kingdom while developing decentralized, open and modern transnational media systems abroad capable of safeguarding the kingdom's interests and promoting its foreign policy. Instrumental as it may be in the kingdom's comprehensive security approach, though, the media have proven to be an inordinately complex asset. Although remarkable in many respects, the liberalization of Saudi media engendered a number of conflictual dynamics which are potentially consequential.     

Prosecuting Cambodian Genocide: Problems Caused by the Passage of Time since the Alleged Commission of Crimes

This article identifies obstacles that the Cambodian ExtraordinaryChambers will face in their prosecutions, both in investigationand at trial. Looking to the practice and jurisprudence of theInternational Criminal Tribunals for the former Yugoslavia andRwanda for assistance, it discusses the balance between theright of an accused to be tried without delay and the rightsof victims and the international community to see justice done30 years after the events in question.     

Improving Sex Estimation from Crania Using a Novel Three‐dimensional Quantitative Method,,

This study utilizes an innovative 3D approach to discover metric variables that obtain the highest classification rates for sex estimation from the cranium. Models were constructed from 222 cranial CT scans of U.S. Whites from the Bass Donated Collection. These models were used to create a statistical bone atlas that captures the primary shape variation in the skull and facilitates rapid computer‐automated analyses. The bone atlas showed that important size‐related sex variables are bizygomatic breadth, maximum cranial length, cranial base length, and mastoid height. Shape‐related variables capture sex differences in the projection of the glabellar region, inclination of the frontal, and cranial base flexion. In addition, vault thickness is highly dimorphic, with females having on average thicker vaults in the frontal region, and males having thicker vaults in the occipital region. Cross‐validated linear discriminant analysis obtained >95% accuracy (97.5% with 11 variables and 95.5% with eight variables).