Making the grade: infrastructural semiotics and derivative market outcomes on the Chicago Board of Trade and New Orleans Cotton Exchange, 1856–1909

This paper contributes to a socio-technical analysis of derivatives by offering an infrastructural explanation of divergent outcomes on two early American futures markets. It takes as the starting-point of analysis the classification systems by which these futures markets were constitutively linked to underlying markets in agricultural commodities. Despite the formal similarity of these systems, their contrasting implementation – i.e. how grading was accomplished and integrated into practice – produced classifications with dissimilar semiotic qualities. This semiotic distinction is shown to have promoted divergent economic behaviours and outcomes on the two markets: high-risk speculation and volatility on the Chicago Board of Trade, low-risk hedging and stability on the New Orleans Cotton Exchange. The paper thus argues that treating classifications in their semiotic capacity yields an analysis that can connect foundational infrastructures and market-level outcomes in meaningful, non-deterministic ways.     

Pushing for Closer Links

正China and ASEAN team up to create a more dynamic and interconnected region China pledged more than$20 billion in loans to support the construction of Southeast Asia’s connectivity on November 13.The offer,announced by Chinese Premier Li Keqiang at the Ninth     

Green Light for PPP on German Motorways?

While public–private partnerships (PPPs) have surged worldwide since the 1990s, they have been met with growing skepticism during the last years. A recent revision of Germany’s constitutional rules on motorway construction and observations on the use of PPPs published by both the German and the European Courts of Auditors illustrate this new caution. These two examples fit into a general trend towards a revival of the public sector, which can be summarized under the cross-level umbrella term “publicization.” It would, however, be remiss to replace the uncritical euphoria that once surrounded privatization with a similarly undifferentiated euphoria regarding publicization. Rather, it is crucial to identify the most appropriate solution for the fulfilment of each public task from the “toolbox” of publicization on the one hand and privatization on the other hand in order to ensure the most effective completion of public functions.     

中国-阿拉伯国家合作共建“一带一路”专题研讨会（英文）

正On June 3,2014,CIIS held a symposium in Beijing on the joint construction ofOne Belt and One Roadbetween China and Arab countries.The symposium focused on discussions on how China and Arab countries can enhance their links and interconnections and strengthen mutual cooperation     

Editor’s Note

In the context of today’s big data and cloud computing, the global flow of data has become a powerful driver for international economic and investment growth. The EU and the U.S. have created two different paths for the legal regulation of the cross-border flow of personal data due to their respective historical traditions and realistic demands. The requirements for data protection have shown significant differences. The EU advocates localization of data and firmly restricts cross-border flow of personal data. The U.S. tends to protect personal data through industry self-regulation and government law enforcement. At the same time, these two paths also merge and supplement with each other. Based on this, China needs to learn from the legal regulatory paths of the EU and the US, respectively, to establish a legal idea that places equal emphasis on personal data protection and the development of the information industry. In terms of domestic law, the Cybersecurity Law of the People’s Republic of China needs to be improved and supplemented by relevant supporting legislation to improve the operability of the law; the industry self-discipline guidelines should be established; and various types of cross-border data need to be classified and supervised. In terms of international law, it is necessary to participate in international cooperation based on the priority of data sovereignty and promote the signing of bilateral, multilateral agreements, and international treaties on the cross-border flow of personal data.     

Indigeneity in the Air: The Case of Chinchero Airport in Cusco,Peru

This article problematises ‘indigeneity’ by looking at the various disruptions, conflicts and fractures that the recent sale of the land for the construction of the new Cusco international airport in Chinchero, Peru, has triggered locally. In addition to examining the erosion of the peasant community model that emerged from the 1969 agrarian reform, it explores the formation of new social groupings in a context of tourism and neoliberal development. The discussion highlights the role of tourism-related, large-scale infrastructure in the production of new identity politics that challenges fixed and preconceived ideas about ‘the indigenous’ in the Andes.     

Meeting Human Development Goals with Low Emissions : An Alternative to Emissions Caps for post-Kyoto from a Developing Country Perspective

This paper proposes a post-Kyoto scenario on commitment issues from a developing country perspective in which commitments by developing countries will be linked to human development goals as the first priority and ultimate goal, and then translated to carbon goals. Three different types of commitments are discussed with particular reference to developing country participation, including voluntary, conditional and obligatory. For low-carbon development, there should be no luxurious emissions but human development needs should not be compromised. A progressive and internationally coordinated taxation on carbon is suggested as an incentive mechanism under this approach. However, there are a few issues requiring further examination, including specification of basic needs and determination of progressive tax rates.     

中型企业核心网络基础结构的设计与构建

企业网络核心基础结构包括硬件和软件,这些组件集合在一起提供满足不同商业需求的一系列网络服务。核心网络基础结构是整个网络基础结构的一部分,支持网络基础结构的其他部分,并形成它们的基础。该文探讨了中型企业核心网络基础结构的设计方法,并且给出了实现不同商业需求的中型企业核心网络基础架构的完整方案。     

Viability of Municipal Companies in the Provision of Urban Infrastructure Services

This article discusses the organisational and institutional model of municipal company in the provision of urban infrastructure services in Portugal. The law recently enacted which defined the legal regime for the local business sector, as well as the growing awareness that the new public management models represent great advantages in comparison with the bureaucratic ones that characterise the traditional public administration, make this a current and relevant issue. For the purpose of investigating the viability of this provision model, this research encompasses three complementary analyses. First, the results obtained from a nationwide questionnaire on the features of municipal companies are analysed. Second, a SWOT matrix is constructed to examine the model of municipal company and, third, the total factor productivity (TFP) of these organisations is determined using the index number theory, in order to evaluate their performance and compare it with that of the traditional bureaucratic models. Although the concept of municipal company is based on noble principles and, in theory, it shows advantages compared to other means of service provision, this research points to very negative results regarding the model and leads to the conclusion that the aimed benefits are not achieved in Portugal. There are many causes contributing to this effect, but the political patronage of these companies and the lack of technical competence are presumably two of the most significant ones.     

Endogenous Determinants for Renegotiating Concessions: Evidence from Local Infrastructure

The engagement of local government in public–private partnerships (PPPs) for the provision of infrastructure and public services is a global trend. Light rail services, water systems, waste management systems, schools, sport centres and social housing are simply a few examples of sectors in which the private sector is becoming more actively involved with local authorities. Most of these engagements are conducted through the use of mixed companies and contractual concessions. However, both of these uses suffer from a major shortcoming – renegotiations. Contracts are often renegotiated within a few years of being signed, and some evidence reveals that the results might not protect the public interest. This article aims to understand how and why renegotiations of local concessions occur by examining the specific characteristics of contracts (endogenous determinants). To illustrate the discussion, a case study of a light rail system is analysed, exemplifying the effect of a contractual renegotiation. The authors argue that contractual renegotiation can be useful in decreasing contract incompleteness, but a poorly designed contractual clause can allow for opportunistic concessionaire behaviour.