The emergence of the entrepreneurial state in contemporary China

As market reform has progressed in China, state bureaux have adapted and become entrepreneurial. This contradicts expectations that states will either simply retreat in the face of encroaching markets to play a minimal role in the economy, or obstruct market‐oriented change through bureaucratic conservatism or rent‐seeking. This paper describes the state entrepreneurialism that has appeared in the Chinese city of Tianjin in the early 1990s and explains its emergence as the consequence of both market‐induced structural transformation and the resultant changing incentives and demands on officials. It proposes the ‘entrepreneurial state’ as a model of state adaptation to marketization and assesses its implications for both our conception of the developmental state and for anticipation of rent‐seeking and resistance to market reform.     

“Ragged urchins play on marquetry floors”: The discourse of filtering is reconstructed, 1920s–1950s

The idea of filtering has played a key role in our understanding of housing markets and in framing federal policy. The origins of the idea, however, and of the term itself, are poorly understood. Drawing loosely on the approach of discourse analysis, this article clarifies both issues, arguing that language shapes how we think about housing policy, and indeed policy itself. The concept of filtering emerged in Great Britain in the late nineteenth century where, by 1900, it informed arguments in favor of municipal (public) housing. It became influential in the United States in the 1920s but in 1938 was still referred to in different ways, notably as “hand-me-down housing.” Here, it was understood more narrowly, as an alternative to public housing. After 1939, the Federal Housing Administration, though not its leading consultant Homer Hoyt, popularized the term “filtering.” The neutral connotations of this metaphorical term suited the agency's goal of developing an apparently objective discourse of housing markets and market analysis. The term was normalized by the early 1960s.     

Privatization in Kosovo: ‘Liberal Peace’ in Practice

This article examines internationally led privatization in Kosovo as an example of international statebuilding. It concentrates on the period from 1999 to 2008, when privatization was planned and implemented under formal international management. International statebuilding is typically sought justified with the idea of ‘liberal peace’, and this article shows how the tension between the political and economic tenets of the idea of liberal peace manifested itself in Kosovo's internationally led privatization.     

The Limits of Liberal Peacebuilding? International Engagement in the Sri Lankan Peace Process

Abstract

This essay explores international engagement in the Sri Lankan peace process between 2002 and 2008. The internationalization of peacebuilding in Sri Lanka is analysed as part of a broader international shift towards a model of ‘liberal peacebuilding’, which involves the simultaneous pursuit of conflict resolution, liberal democracy and market sovereignty. The essay provides a detailed and disaggregated analysis of the various exporters, importers and resisters of liberal peacebuilding, with a particular focus on the contrasting ways in which the United National Front (UNF) and the United People's Freedom Alliance (UPFA) regimes engaged with international actors. It is argued that an analysis of the Sri Lankan case provides a corrective to some of the core assumptions contained in much of the literature on liberal peacebuilding. Rather than viewing liberal peacebuilding as simply an hegemonic enterprise foisted upon countries emerging from conflict, the essay explores the ways in which peacebuilding is mediated through, and translated and instrumentalized by, multiple actors with competing interests – consequently liberal peacebuilding frequently looks different when it ‘hits the ground’ and may, as in the Sri Lanka case, lead to decidedly illiberal outcomes. The essay concludes by exploring the theoretical and policy implications of a more nuanced understanding of liberal peacebuilding. It is argued that rather than blaming the failure of the project on deficiencies in its execution and the recalcitrance of the people involved, there is a need to look at defects in the project itself and to explore alternatives to the current model of liberal peacebuilding.     

Crafting a Region While Intervening? Regional Discourses on Burundi

Peacemaking interventions do not only intend to facilitate desirable order in crisis contexts but, thereby, the participating interveners also struggle to attach meaning to their own position in the world. The African interveners, loosely organized around the ‘Regional Peace Initiative on Burundi’, engender an image of the self that affects the possibilities for political cooperation on the regional scale. Based on a discourse analysis of an extensive corpus of diverse voices from East and South Africa, it is shown that intervention politics increased regional awareness—but not in a linear manner. The idea of a progressive and autonomous East Africa was strongest in the first years of regional facilitation between 1996 and 1999, when the revival of the East African Community (EAC) was also simultaneously being negotiated. This regional impetus decreased with South Africa's more active participation in the intervention, which envisioned increasing its own country profile instead.     

The problem of Irish Unionism

The paper is a critique of a recent article by Luke Martell which attempted to set out a new, non-statist and non-coercive socialist agenda. The critique suggests that coercion and repression are probably inherent to the socialist project and that Martell's proposals fail to address this. It also takes issue with Martell's proposals for limiting the role of markets and for developing local forms of corporatist agencies. The assumption that market capitalism is in some way antithetical to communal morality is also challenged on the grounds that genuine communalism is likely to arise out of voluntary co-operation rather than state-sponsored initiatives and programmes.     

Business as usual

The tech stock crash of 2000 discredited the new economy as business model. This article introduces a journal special issue which takes up the challenge of putting new economy developments into this post-crash perspective and establishing long-run continuities, without discounting the importance of what happened. This article opens the debate by highlighting two themes in the articles that are collected together in the special issue: first, it discusses what was and is the new economy in the USA; second, it examines the relevance and resonance of the new economy in Europe.     

Economies of contagion: financial crisis and pandemic

Abstract

The outbreak of an influenza A (H1N1) pandemic in 2009 coincided with a severe global financial downturn (2007–8). This paper examines the use of ‘contagion’ as a model for assessing the dynamics of both episodes: the spread of infection and the diffusion of shock through an intrafinancial system. The argument is put that a discourse of globally ‘emerging’ and ‘re-emerging’ infection helped to shape a theory of financial contagion, which developed, particularly from 1997, in relation to financial crises in ‘emerging markets’ in Southeast Asia. Conversely, concerns about the economic impact of a global pandemic have been influential in shaping public health responses to communicable diseases from the early 1990s. The paper argues that tracing the conceptual entanglement of financial and biological ‘contagions’ is important for understanding the interconnected global environment within which risk is increasingly being evaluated. The paper also considers the consequences of this analogizing for how financial crises are understood and, ultimately, how responses to them are formulated.     

Historical political economy and liberal democratic capitalism

This paper explores the ways in which pregnancy is increasingly portrayed as a state requiring careful and detailed risk prevention. The subject of risk reduction in not the pregnant woman; the effort here is not to reduce maternalrisk during pregnancy, but rather to reduce possible risks to the foetus due to maternal behaviour.

The deployment of risk discourse regarding foetal endangerment through maternal diet, exercise, lifestyle choices and personal habits is investigated using popular advice manuals directed at pregnant women. Through an examination of these materials, connections are made between the use of this ‘risk talk’ in prenatal advice to pregnant women and a larger practice of ‘self-regulation’ that occurs in advanced liberal rule.     

On arbitration,arbitrage and arbitrariness in financial markets and their governance: unpacking LIBOR and the LIBOR scandal

Abstract

Amongst a series of scandals to hit international financial markets in recent years, that surrounding the London Interbank Offered Rate (LIBOR) – a highly influential interest rate benchmark – has attracted particularly intense media scrutiny. This paper seeks to push beyond conventional understandings to unpack critically both LIBOR itself and the scandal involving its manipulation by major international banks. Envisioning LIBOR as a commodity beset by inherent contradictions, the paper mobilizes the tropes of arbitration, arbitrage and arbitrariness to illuminate, respectively: the market-making work performed by LIBOR; its role in enabling the transfer of financial risk, most notably when fraudulently manipulated; and the nature of the regulatory prosecution of such manipulation.