Natural and political markets: organizing the transfer of technology and knowledge

Abstract

The author inquires into the performative role of calculative devices, and develops the notion of political markets by drawing upon an empirical case of the transfer of flexible manufacturing systems (FMS). Drawing on the work of Michel Callon, the author claims the natural market to be a special case of the political market, its existence being highly dependent upon calculative devices. The aggregated simulation models and investment calculations of economics were instrumental in establishing the necessary conditions of the natural market. Yet, it remained only a temporally stabilized configuration. With the emergence of reflexive economic agencies, the market also underwent unexpected reorganizations. Finally, the author summarizes the theoretical and practical implications by proposing the twin notions of engineering-oeconomicus and the normalizing market residual.     

Contrarian investment philosophy in the American stock market: on investment advice and the crowd conundrum

Abstract

This paper contributes to the understanding of the role of crowds in the financial market by examining the historical origins and theoretical underpinnings of contrarian investment philosophy. Developed in non-scientific, practice-oriented ‘how to’ handbooks in 1920s and 1930s America, contrarian investment advice was aimed at so-called small investors rather than well-established market practitioners. Emerging out of late-nineteenth- and early-twentieth-century debates about public participation in the stock market, the contrarians expanded on a widely held (amongst financial writers) scepticism about the investment and speculation skills (or lack thereof) of the masses and adopted ideas from the theoretical discipline of crowd psychology, whereby they positioned the mass (i.e. the crowd) in opposition to the successful investor. I argue that despite its idiosyncrasies, the contrarians’ conception of the market based on crowd psychology points to a fundamental fragility of market participants, which still lingers on in recent debates about the wisdom of financial market crowds.     

Popperian Peacebuilding,Policing and the Liberal Peace

Abstract

In light of the quarrelling between advocates and critics of the liberal peacebuilding agenda, this article calls for the adoption of a ‘Popperian’ approach. This approach would be one that seeks to identify and address the greatest evils to fundamental liberal principles rather than undertaking swift and sweeping liberalization projects. Tolerance is therefore advocated in all matters that fall outside of this remit in order to temper the current zeal displayed by the liberal peacebuilding agenda. The article then considers how Popperian approaches and the ideal of tolerance were lacking in the case of peacebuilding in the security sector in Timor-Leste. In failing to ensure a clear separation of police and military forces that are apolitical, loyal to the state and professional in serving the liberal democratic polity, for example, international actors inadvertently allowed a ‘great evil’ to emerge. Rather than being distracted and diluted by a sweeping range of goals, international actors should seek to work from these fundamental concepts and be prepared to negotiate on less urgent matters.     

The Financial Viability of Housing for Mentally Ill Persons

Abstract

Although persons with serious mental illness experience significant unmet housing needs, basic information on how housing is successfully financed, developed, and operated for them is lacking. It is possible that standard housing rules of thumb may not apply to this population. (For example, community opposition may raise development costs.) This lack of information may be a stumbling block to policy makers, planners, and developers.

This article attempts to close the gap by examining the financial profile of 153 properties developed for persons with serious mental illness by five nonprofit housing corporations between 1988 and 1992. Our analysis suggests that although this housing may require more management attention, it is not fundamentally different from market‐rate housing for low‐income tenants. After more than 10 years, the nonprofit housing developers continue to thrive, and virtually all of the properties continue to serve persons with mental illness, demonstrating that such housing can be successfully developed and operated.     

Lessons From Las Vegas: Housing Markets,Neighborhoods, and Distressed Single-Family Property Investors

The collapse of the housing bubble and the ensuing wave of foreclosures have led to a dramatic increase in investor activity in distressed single-family markets, particularly in high-foreclosure areas such as Las Vegas, Nevada. Using a case study of investors in the Las Vegas market as the starting point, supplemented by research in the Detroit, Michigan, area and elsewhere, this article analyzes the strategies being followed by investors and the relationship between investor behavior and market conditions, presenting a market-based typology of single-family property investors and assessing the effects of investors on markets and neighborhood conditions.     

Gagging orders: asylum seekers and paradoxes of freedom and protest in liberal society

The detention of non-status migrants is now commonplace in developed countries. Detention has been justified on such grounds as security, the welfare of non-status migrant populations, and as a way to speed up processing asylum claims. Drawing from the artist Krzysztof Wodiczko's sustained interest in themes of migration and belonging, this article examines the relationships between technologies of government in detention and accommodation facilities, and the possibilities and constraints of protest that these settings and practices give rise to. The analysis highlights paradoxes of freedom as well as opportunities for protest that imbue these spaces. Using Foucault's discussion of technologies of government, we draw on empirical research to highlight how orientation booklets, classes, and legal self-representation manuals are technologies that compel asylum seekers to become ideal detainees in hopes of being understood as ‘liberal subjects’ worthy of inclusion in a small number of evermore tightly policed Western European states. We conclude with the suggestion that asylum seekers' paradoxical encounters with technologies of liberal government deliver a challenge to the accepted framework of citizenship within liberal societies.     

Retaining the Quota System in the South Korean Rice Market

On 30 December 2004, the Korean government reached an agreement to postpone tariffs on the rice market until 2014 in exchange for a gradual increase in the minimum market access quota (the access to the Korean market by others based on a percentage of Korea's total consumption of rice). However, economic reasoning shows that if the Korean government had decided to introduce the tariff system instead, the social welfare from the rice market would have increased considerably over the next ten years, even after taking into account the loss in the external value of rice farming. Thus, the 2004 choice of the quota in the rice market by the Korean government was a political decision. This article measures the social welfare in the rice market under the two alternative systems – tariff and quota – for the period 2005–15. It then explores the explanation for the 2004 decision by investigating three key variables: the characteristics of farmers' groups, their interaction with government executives and the legislature, and the trend in public opinion on rice market issues. In light of the organisational weakness of Korean agricultural interest groups, the focus is on farmers' tactics for achieving their goal, i.e. retaining the quota instead of introducing the tariff.     

UNDERSTANDING JAPANESE DEMOCRACY IN A POPULIST AGE

In this article, Sir David Warren, who was British Ambassador to Japan from 2008 to 2012, lays out the historical background to modern Japan, its political and economic structures (and international relationships); explores why we tend not to think of Japan as affected by the populism that we see in other Western democracies; and asks why Japan still presents itself as such a ‘different’ country.     

Merging legality with illegality in Paraguay: the cluster of order in Pedro Juan Caballero

Paraguay is often described as a territory of drug trafficking, smuggling and commercial piracy. However, the country remains understudied by academics researching criminality and illegal markets. Pedro Juan Caballero, a city located on the northern border with Brazil, is an interesting case study to illustrate how legality and illegality merge in Paraguay to create hybrid social orders. The daily life in the city, one of the best places in the world for cultivating marijuana, unfolds between the higher homicides rates and some of the lowest levels of common criminality in Paraguay. Far from being a matter of state weakness, the expansion and tolerance of illegal activities is framed within a cluster of order that combines both rational legal practices and neo-­patrimonial norms. The presence and roles of state institutions are re-signified, generating alternative hierarchies, practices and values to supply social, political and economic outcomes. Through in-depth interviews with key informants, ethnography visits and analyses of aggregated data, this paper describes the hybrid order of Pedro Juan Caballero by tallying the incentives that encourage social and institutional tolerance of illegality and describes how illegal practices create access to goods, services, protection and expectations not provided by the legal framework.     

On the front lines of democracy: perceptions of electoral officials and democratic elections

Electoral officials play a crucial role in instilling confidence in elections and democracy. They are involved in the most important tasks of running elections, from registering voters to counting the ballots. This article employs survey data from 35 countries from the sixth wave of the World Values Survey (2010–2014) which asks respondents about their perceptions of electoral integrity and the quality of democracy in their country. The analysis demonstrates the relationship between perceptions of the fairness of electoral officials and two important outcomes: confidence in the fairness of the vote count, and perceptions of the overall quality of democracy. It additionally considers under which circumstances this relationship is most pronounced and shows that the relationship between an individual’s perceptions of electoral officials and perceptions of electoral integrity is more pronounced in countries where there is a low liberal democracy index.