A ‘society … divisible into the blessed and the unblessed’: Michael Young and Meritocracy in Postwar Britain

‘Meritocracy’ continues to unfold as both core conceptual framework and political ideal of the language of social mobility. In recent decades, politicians of various hues have declared it a sine qua non of the so-called ‘classless society’. The longer trajectory of postwar discourses of equality reveal a more chequered conceptual past. Its origins in the forums of revisionist social democracy of the 1950s, and subsequently popularised in the writings of social democratic polymath, Michael Young, are much more circumspect. The article considers pivotal contributions and developments of this conceptual history and trajectory. It considers the origins and emergence of meritocracy as a dimension of discourses of equality in the 1950s, and the formative contribution of Michael Young, reaction and responses on the left to his 1958 seminal work, The Rise of the Meritocracy, and the subsequent ‘meritocratic turn’. In spite of its satirical origins and warnings of dire social consequences, meritocracy presently enjoys a confirmatory position as a concept of opportunity and social mobility, as an embedded ideal of social organisation and means of allocating differential rewards.     

Reforming China's Stock Market: Institutional Change Chinese Style

In this article we examine the dual-track pricing system in China's stock market since its inauguration, a legacy of its economic transition and a major source of institutional predation in the market. We then examine the share structure reform initiated in 2005 that sought to eliminate the distortion this predation had elicited. We interpret the reform push as a process of institutional change and focus on the drivers and theoretical explanations of such changes in China's stock market. We thus advance a model for understanding institutional change, Chinese style. We argue that, initially, the institutional arrangement was constructed by the dynamics of transition – the juxtaposition of the Leninist state and the emerging stock market. This provided huge incentives for state corruption in the emerging market. As the market transition proceeded, the societal and political costs of corruption and market distortion also grew, which produced a crisis that eventually attracted the attention of powerful leaders of the party state. We argue from this case that the broader political context in which specific examples of institutional change occur needs to be examined. Specifically, we argue that powerful agents who are external to given institutional environments can play an important role in institutional change, thus highlighting the political dynamics of an authoritarian state amid systemic transition and global integration.     

South Asian nuclear arms competition: An American perspective∗

The analysis of nuclear arms competition in South Asia forms part of a much larger study of American relations with the region after the Cold War carried out under the auspices of The Asia Society. The nuclear policies of both India and Pakistan enjoy strong domestic political support. While a case can be made that a rudimentary state of nuclear deterrence exists between New Delhi and Islamabad, this may be undermined by deployment on both sides of ballistic missiles.