Book reviews

Mike Marqusee, REDEMPTION SONG: MUHAMMAD ALI AND THE SPIRIT OF THE SIXTIES (Verso Books, 1999)

Marilyn Buck, David Gilbert, and Laura Whitehorn, ENEMIES OF THE STATE, (Brooklyn, N.Y.: Resistance in Brooklyn Publication, 1998). Meyer, c/o WRL, 339 Lafayette Street, NY 10012 or mmmsrnb@igc.org.

Viviane Forrester, THE ECONOMIC HORROR (Cambridge, UK: The Polity Press [in association with Oxford, UK, and Maiden, Mass.: Blackwell Publishers], 1999).

Peter Roman, PEOPLE'S POWER: CUBA'S EXPERIENCE WITH REPRESENTATIVE GOVERNMENT (Boulder: Westview Press, 1999).

Stanislao G. Pugliese, CARLO ROSSELLI: SOCIALIST HERETIC AND ANTIFASCIST EXILE (Cambridge, Mass.: Harvard University Press, 1999).     

Impacts of housing and mortgage market discrimination racial and ethnic disparities in homeownership

Abstract

There are persistent differences in homeownership rates across racial and ethnic groups. Homeownership rates for whites are over 20 percentage points higher than for blacks or Hispanics. This paper uses a model of the housing tenure decision to gain a better understanding of these racial and ethnic differentials in homeownership and employs a decomposition technique that has been applied to labor market discrimination to report the results of the empirical testing of two hypotheses: (1) race (ethnicity) influences the probability of ownership through differences in household endowments (income, education, age, gender, and family type) and market endowments (price and location); and (2) race (ethnicity) directly influences the probability of ownership through racial or ethnic discrimination and other factors that may be correlated with race or ethnicity.

We find endowment effects important in explaining the persistent racial and ethnic disparities in homeownership. In brief, logit analysis of 1989 American Housing Survey (AHS) national sample data reveals that 81 percent (78 percent) of the differences between the predicted probability of ownership between black and white households (Hispanic/non‐Hispanic) are due to differences in group endowments. Direct effects explain 19 percent of the black‐white differentials and 22 percent of the Hispanic/non‐Hispanic differentials. Because the direct effects are modeled as residual differences, it must be realized that the residual components could also be capturing the influence of important omitted or harder to measure variables internal to the market process and correlated with race or ethnicity. These include wealth, household location, employment history, credit history, and cultural predisposition toward homeownership.     

The reverse mortgage as an asset management tool

Abstract

Reverse mortgages are usually seen as a vehicle for increasing the income of poor, elderly households. This perspective, coupled with the relatively slow growth of reverse mortgage programs, has led some observers to question the growth potential of the reverse mortgage market. This article presents a more expansive view of reverse mortgages as a financial tool for tapping housing equity for various purposes and at various stages in the life cycle.

Three market segments for reverse mortgages are discussed: elderly persons living alone, other elderly households, and non‐elderly households. Potential uses include turning housing equity into personal human capital investment accounts, enabling children to provide care for their disabled parents, funding elderly households’ long‐term care insurance, and sustaining consumption. Recent progress in product development and availability and political pressures to find private financing for health and long‐term care suggest that the reverse mortgage market has considerable growth potential.     

Islamic Radicalism in East Africa: Is There a Cause for Concern?

The article explores the development of Islamic radicalism in East Africa by examining specific states. The author argues that the evidence suggests that although Islamic radicalism has not made substantial inroads into the region, it may still do so, as East Africa suffers from political repression as well as socioeconomic problems. The author concludes that the region must undergo significant changes to improve political representation and socioeconomic conditions.     

The assurance problem in a laboratory market

The financial support of the National Science Foundation (SES 8606770 and 8608112) and of the Alfred P. Sloan foundation is gratefully acknowledged. The data from the experiments reported here are on PLATO permanent storage and are available from the authors upon requests. These experiments were conducted using the facilities of the Economic Science Laboratory at the University of Arizona. The assistance of Joe Campbell and Sheryl Ball in conducting these experiments is greatly appreciated. We thank David Conn, David Porter, Kevin McCabe, Tom Palfrey, S.Y. Tang, and Gordon Tullock for their comments on this and earlier drafts, with the responsibility for remaining errors being strictly our own.     

Teoría del campo literario y subalternidad. Perspectivas metodológicas para el estudio de la poesía en el espacio literario ibérico

Abstract

La teoría del campo literario ha constituido una referencia importante para el estudio de literaturas definidas por su carácter subalterno o dependiente, y ha conocido interesantes desarrollos teóricos y aplicados en campos académicos como el gallego, el belga o el quebequés. Los modelos resultantes tienen varios elementos comunes, resultado de la crítica y de los ajustes metodológicos realizados sobre el marco teórico de partida. Entre estos últimos, destacan la consideración de una lógica nacionalista; la expansión de la idea de autonomía, entendida ahora en los sentidos estético, discursivo, e histórico-nacional; la identificación de especificidades en la estructura y el funcionamiento de este tipo de campos, así como la complementariedad con otras teorías del entorno empírico-sistémico. Los objetivos del artículo son el repaso de estos modelos y de las aplicaciones correlativas, la proyección de su rentabilidad en el espacio literario ibérico y, especialmente, el avance de pautas metodológicas para el estudio de la poesía. En relación con este último aspecto son estudiados determinados asuntos vertebrales: la identificación de habitus y principios de distinción; la inestabilidad de las relaciones entre canonización, subcampo de producción restringida, consagración, y vanguardia; o el papel asumido por la poesía en el reparto de funciones y capitales.