Practices and meanings of non-professional stock-trading in Taiwan: a case of relational work

Non-professional investors, especially outside the Anglo-Saxon context, represent an important and under-researched topic for sociological studies of finance. The paper presents a qualitative study of non-professional investors in Taiwan, where levels of participation in the stock market are very high. It shows that investors are embedded in complex networks of social relations, cultural norms and economic projects. We use Zelizer’s notions of ‘relational work’ and ‘earmarking’ to explore how economic relations construct and reinforce social relations: investing is productive of, as well as derived from, social structures. Stock market participation secures access to social groupings and reproduces hierarchical relations in families and social networks. Our study seeks to highlight the relational content of financial markets, and calls for further investigation of the relational work performed by the material-calculative architectures of high finance.     

Small state diplomacy: Cambodia's foreign policy towards Vietnam

Cambodia's foreign policy behavior towards Vietnam can be characterized as using a strategy of ‘hedging’, whose nature is different from the one suggested in the existing literature. Such a strategy can be discerned from Cambodia's omni-directional policy responses, ranging from economic pragmatism, limited bandwagoning, binding engagement and soft-balancing. Furthermore, the case of Cambodia's foreign policy towards Vietnam suggests that non-state actors, such as the opposition party and the population (voters) play a significant role in shaping the state's foreign policy, even though it is formed under the authoritarian ruling party. This study also suggests that the foreign policy decisions of an authoritarian state are not solely shaped by the personal attributes of their leader.     

Migration and justice: a reply to my critics

In this response to six critics, I begin by clarifying the sense in which my approach to the issue of immigration is ‘realistic’. I also explain why a realistic approach must place immigration in a nation-state context, although without treating it as primarily reparative for historic injustice. I suggest that it is implausible to regard global equality of opportunity, as opposed to global sufficiency, as setting limits to national self-determination. I then defend my use of the distinction between refugees and economic migrants to frame the discussion of immigration against the charge that all migrants are potentially vulnerable to the decisions of admitting states, since these may determine the fate of their life-projects. And I also defend the claim that, in the case of refugees, justice requires only that each state should discharge its fair share of the burden of admitting them; doing more than this would require popular consent. Finally, I consider the case of irregular migrants, and explain in what sense they have taken unfair advantage of other potential migrants; I defend offering a conditional amnesty to people in this category.     

Refugees,economic migrants and weak cosmopolitanism

This article takes issue with several features of David Miller’s account of justice with respect to refugees and to economic migrants, as outlined in Strangers in our Midst. It suggests that even within the terms of his own weak cosmopolitanism, the requirements of justice are more demanding than he acknowledges. In particular, the argument advanced criticizes Miller’s ‘fair shares’ argument concerning obligations to refugees and his recourse to ‘mutual advantage’ in theorizing economic migration.     

Seeing the Lexus for the Olive Trees? Public Opinion,Economic Interdependence,and Interstate Conflict

Many scholars argue that economic interdependence and more extensive economic ties between countries decreases the risk of violent conflict between them. However, despite considerable research on the “capitalist peace” at the macro or dyadic level, there has been less attention to its possible individual-level microfoundations or underpinnings. We argue that public perceptions about economic ties with other states and the costs of conflict should influence the expected constraints on the use of force for leaders. Actual high interdependence and potential economic costs may not suffice to create political constraints on the use of force if people are unaware of the degree of interdependence or fail to understand the benefits of trade and the likely economic costs of disruptive conflict. We examine the linkages between individual perceptions about economic interdependence and their views on conflict and peace through a survey experiment, where we ask respondents in Japan about approval for belligerent actions in a territorial dispute with China and varying information about economic ties. Our findings indicate that greater knowledge and information about economic interdependence affects attitudes about territorial disputes and increases support for peaceful solutions with China.     

‘Growth oriented’ corporate governance reform – can it solve Japan's performance puzzle?

Abstract

Recent governance reforms in Japan aim at promoting ‘the establishment of an environment that supports appropriate risk-taking by the senior management.’ The article evaluates the reforms on the basis of two questions: do the reforms tackle the right issues? And will they be effective? The Japanese economy faces indeed a performance puzzle. Despite Japan's strong efforts in the field of research and development, its excellent work force and abundant financial capital, the economy is performing poorly in terms of productivity. The performance puzzle seems to be closely related to the way large Japanese companies are governed, namely by boards filled with internally promoted lifetime employees. However, the correlation between board composition and performance is spurious. Both are influenced by a third factor, which manifests itself in the predominance of in-house careers. In-house careers determine the composition of boards and have, over the last twenty years, had a negative impact on economic performance. The governance reforms do not address the root of Japan's performance puzzle. They may nevertheless provide an important stimulus for redesigning the way Japanese corporations recruit, train and promote future leaders.     

Disquieting growth: urban space in Kawashima Yūzō's film Suzaki Paradise Red Light

This article examines how Japanese postwar cinematic texts manifest and comment upon contemporary political and economic events, and considers the usefulness of cinema for a more complete historical understanding of the period. In particular, it argues for the significance of fūzoku eiga, or ‘films of customs and manners’ by analyzing a representative text of that genre, Kawashima Yūzō's 1956 film Suzaki Paradise Red Light. Although Kawashima's film has been treated as an apolitical melodrama, a close textual analysis reveals it to be a counter-narrative to the success story of postwar economic recovery and growth that the Japanese state sought to promote. Key to this analysis is an examination of the urban space of the Suzaki neighborhood in Tokyo, as depicted in the film. Kawashima's tour of Suzaki addresses the issues of the economic stagnation within the metropolis, uneven development, and the liminal space of muen, or ‘no ties,’ which offers a brief refuge from an increasingly disciplined everyday life.     

Economic interest or security concerns? Which affected how individuals in five Asian countries—Indonesia,Japan, Malaysia,the Philippines,and South Korea—viewed China in 2013?

With rapid economic growth, China has become its neighbours’ largest trade partner in the twenty-first century. At the same time, the growth of China’s military and its assertiveness are raising concerns among its neighbours that China’s rise will pose a threat to them. In this context, will China’s neighbours—Indonesia, Japan, Malaysia, the Philippines, and South Korea—view China positively or negatively? By using statistical analysis, this paper aims to explore whether individuals are more affected by their economic position or national security concerns when they view China. The findings in this article suggest that individuals’ security concerns have stronger associations with their attitudes toward China than economic conditions. Specifically, individuals’ views on China’s military growth and territorial disputes had negative effects on their attitudes toward China. On the other hand, economic interests had weaker associations with individuals’ views of China than security concerns.     

A meta-analysis of income and democracy

The purpose of this article is to examine the relationship between per capita income and democracy. Namely, do increases in income per capita affect a regime’s level of democracy? The scholarly tradition has investigated this question over many years, and what we have learned about the actual association between these variables remains inconclusive. As opposed to producing yet another empirical analysis of this hypothesized relationship, this article sets forth to examine it via a new methodological approach. Applying the tools of meta-regression analysis to 33 individual empirical studies that investigate the relationship between income and democracy, this article finds that income has no statistically significant, quantitatively meaningful effect on democracy (understanding the latter as a graded concept). I also show that there is no theoretical or empirical reason to believe that this field of research is “haunted” by publication selection bias. Moreover, I identify a variety of systematic differences between these studies, that is, study heterogeneity, which explain why it is the case that after 60 years of research we still have not reached a consensus.     

积极融入多区域合作建设边境经济强县

随着泛北部湾区域经济合作构想的提出和实施,广西的发展面临着融入泛珠三角、泛北部湾及中国—东盟“一轴两翼”经济圈等多区域经济合作的良好机遇,同时也把地处中越边境的大新县推到了我国对东盟各国开放的前沿。文章立足于大新县的资源优势和区位优势,就大新如何从更大范围、更广领域和更高层次上融入到多区域经济合作中,不断开拓对外开放的新格局提出了对策建议。