The mysterious overvaluation of KRW in the 1990s†

Existing theories on real exchange rates predict a significant undervaluation of the Korean won (KRW) in the early and mid-1990s. The paper demonstrates why this expectation did not materialize and instead an unprecedentedly large degree of overvaluation took place. Focusing on three variables, namely, financial repression, devaluation pass-through, and policy exhibitionism, the paper examines how the unraveling of the developmental state eventually gave rise to the 1990s’ overvaluation. It argues that the policy exhibitionism of the new civilian government amplified the influence of Chaebol on monetary policies, which in turn created a strong appreciative force to KRW. It also contends that the increasing exchange rate pass-through onto the prices of imported intermediate goods explains why Chaebol did not desire to tame the excessive appreciative trend despite its detrimental effect on their exports. The paper offers policy implications for other state-led, emerging economies.     

Making sense of multilevel governance and governance coordination in Brazil: The case of the Bolsa Verde Programme

Brazil is an example of a challenging governance context par excellence: continental size, multi-levelled governance structures and diverse administrative cultures meet with ambitious, large-scale policy needs and objectives. The multilevel governance approach is applied here to analyse implementation and governance coordination of the Bolsa Verde Programme (BVP). Through a close reading of the narratives told by three programme officials – and zooming in on jointly exercised governance functions known from the metagovernance approach – we analysed how BVP’s programmatic governance coordination was made sense of. The analysis showed that our interviewees were well aware of the shortcomings of the governance coordination in BVP, understood as rather hierarchical, centrally driven and often tackling challenges of vertical multi-actor coordination in a reactive ad-hoc manner. However, since the implementers have been able to creatively and skilfully solve governance coordination challenges, possibilities for developing more systematic and inclusive (meta)governance approaches seem feasible.     

Contested narratives of encounter from a bridge-building project in northern England

ABSTRACT

Recent years of community engagement under the war on terror in the UK have seen the co-option of bridge-building initiatives into wider narratives of securing communities. Through ethnographic insights into a peace building inter-faith initiative that made it onto the news as a ‘deradicalization’ workshop, I show how encounters in such projects are susceptible to being reframed into the very narrative in which encounters are sought after in the first place as a political settlement to growing inter-ethnic tension and conflict. This paper contributes to the growing geographies of encounter literature by making more explicit the narratives that shape how encounters function.     

How Does Violence Threaten the State? Four Narratives on Piracy

Violence characterized by similar actions, actor motivations, group structures, or level of damage still poses qualitatively distinct genera of threats to states. For instance, “terrorism” can threaten a particular state, be used by a state, or threaten the entire state system. Building on the threat construction literature, this study argues that threat is best understood through narratives on the relationship between violence and the boundary-producing practices that construct the state. Four ideal-typical basic narratives on this relationship are produced—entrant, resource, revisionist, and criminal. Each narrative is then demonstrated by looking at how it was used in a historical case of piracy. The action (piracy as raiding at sea) is held constant while the threat in each varies with the narrative. Understanding how threat is narratively constructed can help us to understand particular historical episodes of violence and state responses to them.     

东亚文化与出版交流的实践与思考——东亚出版人会议的意义解读

东亚出版人会议紧扣着东亚文化与出版两大主题,从人的交流、书的交流到企划出版的交流这3个层面,既务虚也务实。一方面通过相互间的文化与理念的交流,期望了解彼此邻近却隔膜的现代化的心路历程;另一方面则通过共同出版"东亚人文书100",进行跨越国界的文化事业的交流。不过,中、日、韩3国所推荐的书目依然代表着各自不同的文化诉求,因此,如何通过文化的交流来重构东亚的价值和理念,还需要出版人的进一步努力。     

Why economics needs to be distinguished from physics,and why economists need to talk to physicists: a response to Foster and Holleman

Foster and Holleman argue that the systems ecologist H.T. Odum offered a valid theoretical framework for conceptualizing ecologically unequal exchange, and demonstrate its affinity with the Marxian theory of unequal exchange of embodied labour. However, both approaches suffer from the same fundamental confusion of the biophysical and the economic. The affinity between labour and energy theories of the unequal exchange of value was demonstrated by S.C. Lonergan already in 1988, but to thus define asymmetric transfers of biophysical resources in terms of underpaid ‘use values’ is misleading. Foster's recent endorsement of Odum is inconsistent with his earlier rejection of Odum's intellectual ancestor S. Podolinsky. While the ambition to ecologize Marx is laudable, it is in the interests of correct historiography and contemporary environmental justice activism to untangle some of the analytical problems in Foster and Holleman's article. A major problem is their failure to acknowledge the implications of N. Georgescu-Roegen's conceptualization of the relation between economics and thermodynamics.     

论《源氏物语》的叙事手法

紫式部在继承了物语虚构的传统的同时,注重写实,真实再现人物的内心情感;利用历史叙事手法,适当加入史实,增加了作品的真实性;以和歌抒情,使原本单调的物语叙事手法变得丰满起来。     

Integration of the Family Therapy Specialist into Public School Pupil Personnel Services

SUMMARY

The integration of a full-time family counseling specialist into the Pupil Personnel Service (PPS) Team of the modern public school is described. The roles of the present specialists are delineated as well as the problems inherent within the present Pupil Personnel Services Team. Inclusion of a family counseling specialist on the PPS Team would help schools avoid the antagonist position they find themselves in when a family opposes their suggestions and interventions. In such cases, the PPS Team attempts to wrest control of the case from the parents which subjugates the family, limiting the family's inherent resilience and strength. The family comes to resent the PPS Team, seeing them as blameful and controlling. Conversely, the PPS Team comes to resent the family, claiming it is “dysfunctional” in some way and using diagnostic labels to satisfy themselves that their “expert” actions are justified. This antagonist position in the schools arises more out of fear of litigation than good case management. We propose a new integration of family system and school system. Creation of a family counseling specialist who is highly trained in systems, narrative and structural/strategic family therapy could ameliorate this antagonist problem. Numerous functions for such a new specialty are listed as well as suggestions for including this member into PPS Team work.     

Unjust Enrichment and Contract

Benedetti v Sawiris was concerned with the measure of a quantum meruit, and in particular whether a ‘subjective’ or ‘objective’ measure should be preferred. The Supreme Court addressed the issue broadly in line with the approach in the mainstream academic literature on unjust enrichment, according to which this is a problem of how to measure benefit. The article argues that this unjust enrichment approach is misguided because it obscures the role of agreement and conflates transfer and exchange, and that a contractual analysis of the case would make the issues clearer and easier to resolve.