New capitalist processes,interdependence and the Asia–US private equity relationship

Abstract

Private equity has had a short but eventful history in East Asia, characterized first by US firm dominance and then by a nationalistic backlash. This article charts these earlier patterns, but argues that significant developments have taken place since the early 2000s, which have strengthened the position of private equity capital in the Asian political economy. As private equity deal-making has returned to Asia, new linkages have been formed between US private equity funds and local private equity players. Of particular importance have been US–Asian joint ventures, Asian nationals returning to domestic firms from US private equity houses and supportive local elites in the banking and pension fund sectors. The significance is two-fold. First, the spread of private equity has been founded on interdependent relationships between US actors and local actors, which have more successfully grounded the private equity industry in national political economies than its origins in the Asian crisis period. Second, despite the relative localization of Asian private equity, industry practices are still largely shaped by the US model of private equity and the merger and acquisition activity that it entails, rather than a distinct Asian private equity model. The findings of the article contribute to calls that have been made for research on the changing global economy that comprehensively integrates domestic and international levels of analysis.     

Paul Gilroy: Race and culture in postmodernity

Abstract

Using archival evidence, this paper tries to use Callon's idea of ‘embeddedness of the economy in economics’ in order to understand the process of economization of India under the East India Company. The Company's state self-consciously tried to construct an economic terrain by using their coercive power, but the rise of the market did not lead to the proliferation of ‘calculative agencies’. The paper seeks to explore the reasons behind this by delving deeper into the history and politics of marketization in colonial India and by reflecting on some unexamined presuppositions of the process of economization.     

Spatial egalitarianism as a social ‘counter-movement’: on socio-economic reforms in Chongqing

Abstract

Through a framework drawn from Karl Polanyi's substantivist theorization of economic practices, this paper evaluates the quest for equitable urbanization in Chongqing, a major city-region in south-western China. Illuminating the tensions arising from two interrelated reforms, namely the ambitious attempt to construct 40 million m² of public rental housing between 2010 and 2012, and the large-scale drive to ensure peasant migrants enjoy equal access to social benefits as current urban residents, the paper explains how the quest for equitable urbanization magnifies two nationwide dimensions of institutionalized uneven development, namely (i) the caste-like categorization of populations according to ‘urban’ and ‘rural’; and (ii) the coastal bias in national economic development. The paper concludes that this state-driven pursuit of spatial egalitarianism in Chongqing expresses the dialecticism of economic development in China: it is a social ‘counter-movement’ against the effects of an uneven spatiality that was instituted to drive and deepen the marketization of Chinese society.     

Vietnam’s ‘socialization’ policy and the moral subject in a privatizing economy

Abstract

The Vietnamese term for socialization, xã h?i hóa, is grounded in its history of socialist construction, originally referring to the collectivization of property and resources. Since the country shifted to a market economy, yet remaining under the leadership of the Communist Party, the term has come to imply the individualization of responsibilities and the privatization of public goods. As a policy, however, it continues to evoke the idioms of ‘the whole society’ or ‘all the people’ as the basis of wellbeing and development. This paper examines the practices of socialization as part of broader shifts in welfare provision and local dynamics of exemplarity. I show that socialization concerns not only the mobilization of resources, but also the production of a moral subject that is self-optimized and yet sensitized to helping others, self-governed and yet governable by the party state. In a socialist country that is rapidly marketising, this moral subject plays into governing rationalities that blends new-prudentialist logics with socialist genealogies, privatization with a notion of society within which individual actions can be made morally meaningful. While the tension and contestation induced by people’s greater burdens are immanent, the continued reference to collective idioms appeals to people’s moral sensibilities, and thus makes socialization meaningful to some extent, even as they resent the turn away from broad-based structures of wellbeing.     

Visualizing the invisible hands: the shadow economy in North Korea

Abstract

The outside world is well aware of the totalitarian side of North Korea. Much less well-known is the shadow economy of the country which has enveloped the everyday lives of ordinary North Koreans for the last fifteen years or so. Based on refugee testimonies, this article aims to shed light on this heretofore unexamined aspect of the country, by visualizing the invisible hands of the ever-growing shadow economy in North Korea. In particular, we will investigate who the main actors are (the agency question), how they obtain their items (the supply mechanism), how they move items from one place to another (the distribution mechanism) and who consumes these items (the consumer question) in contemporary North Korean society.     

Unveiling Nepal's Civil Society

The main purpose of this paper is to provide information about Nepal's civil society as far as possible, as the same has become much contested in recent years. The article looks into the different traditions (from traditional to post-modern) of civil society in Nepal as an endeavour to take stock of where it stands vis-à-vis with various factors in the context of economy, polity, and society. The paper argues that, although Nepal has a very long tradition of civil society, the extant one is highly politicized. Part of the problem with politicization lies with perpetual political instability and part with the way civil society has come to be understood. In the context of Nepal, there are yet no clear tools developed to map the civil society. It concludes that one cannot have water-tight compartmentalization of civil society and other societies as they are interdependent, but when civil society groups lose the civility factor, they are bound to face legitimacy questions—which perhaps is the case in Nepal.     

中国城市化进程中的社区与社区警务

随着改革开放的不断深入,中国社会正在经历前所未有的社会转型和快速城市化,各种不同社区类型逐渐形成,并成为城市人居环境、城市文化、城市人文生态的主要载体。尤其是城市化进程中伴生的一些新型社区存在着各种潜在的社会问题,正不同程度地影响城市社会秩序的健康发展,而且各种不同类型社区居民在社区认同度、社区参与度以及对警察的信任度等方面呈现出不同的测量水平。探讨和研究城市化进程中社区社会资本与社区警务-e．．N的关系,对于深化社区警务理论及创新社区警务体制具有一定的积极意义。     

Fear of School Violence and the Ameliorative Effects of Student Social Capital

Abstract

Data from the Canadian National Survey of Children and Youth are employed in order to investigate hypotheses regarding the relationships between students' social connections and their feelings of vulnerability to criminal danger. The analysis is preceded by a review of the research relating to school fear and social capital. Findings point to the importance of the social capital inhered in the students' relationship with parents, friends, and teachers as well as their own personality characteristics. The paper concludes with a discussion of some of the broader theoretical and policy implications which emerge from this analysis.     

中国农村发展与农村土地制度改革

农村土地制度改革是城镇化与农业现代化发展的客观要求。该文通过深入分析中国城镇化过程中的城乡土地利用格局,阐述了古今中外农村土地制度设计的基本原则,提出应有限度地放开农村土地市场,以满足利用市场机制有效配置土地资源的要求,但必须以保障农地生产功能为前提,严格防止土地过度资本化可能带来的弊端。     

证券经纪人代客理财的风险及对策

在追求利益最大化的投资市场中,股市波动导致证券经纪人私下代客理财,这一违规行为无论是对于投资者个人,还是市场经济秩序,都具有很高的风险。应建立相关法律法规,明确监管部门,加强规定和管理,并进行普法宣传,从而最大限度地防范潜在风险,保障投资者的权益。