The Catalytic Effect of IMF Lending: Evidence from Sectoral FDI Data

Our study contributes to the search for the elusive catalytic effect of International Monetary Fund (IMF) lending on inflows of foreign direct investment (FDI). Recent scholarship has found that the catalytic effect is conditional on political regime and program stringency. We contribute to this literature by developing and testing a theory which describes how the catalytic effect also varies by economic sector. This is a departure from existing studies, which have tended to focus on aggregate FDI flows after crises. Our findings corroborate previous research, which finds that in general IMF lending has a substantial and negative effect on FDI. However, we find that the negative effect is concentrated in sectors that are highly dependent on external capital and have low sunk costs in the host country. Our findings are robust to several alternative explanations common in IMF literature, namely the importance of IMF program design and the ability of governments to make credible commitments to reform. Substantively, our findings suggest that investors are more likely to use IMF lending as an escape hatch in countries where FDI is dependent on external capital and has low sunk costs.     

“I am concerned with the future of my children”: the project economy and shifting views of education in a Tibetan pastoral community

Tibetan pastoralists have been subject to large-scale state-led development policies over the past three decades. The provisioning of institutionalized state schooling, in particular, has all along been part and parcel of these development projects, including urbanization and resettlement initiatives. However, for a variety of reasons, the promotion of schooling in Tibetan pastoral areas has been a challenge since the first Maoist efforts in 1950s. By focusing on a case study of a Buddhist monk’s persistent effort to build a primary school in his home village in the eastern region of Tibet in 1990, and on how Tibetan villagers’ views of him and his school project have changed over time, this paper examines the nexus of relationships between schooling, and social and cultural changes in pastoral Tibet. I also aim to relate Tibetan pastoralists’ shifting values of schooling to the larger social and political context, particularly the ubiquitous Chinese xiangmu (project) economy and Tibetan pastoralists’ ever-increasing dependence on the state. This paper argues that although state schooling is highly contested, it has been one of the driving forces of social change in Tibetan pastoral areas today.     

发扬“工匠精神”对于振兴实体经济的现实意义

自2016年3月5日李克强总理作政府工作报告时首次正式提出"工匠精神"以来,党和国家领导人为振兴实体经济多次提出要发扬"工匠精神"。发扬"工匠精神"对于振兴实体经济有着重大的现实意义。我国实体经济在经济社会转型期表现出的发展缓慢问题,在国际市场上表现竞争力不强问题,根本原因之一就在于我国企业缺乏更多拥有"工匠精神"的高素质职工队伍。培育、关心尤其要大幅提高拥有"工匠精神"品牌职工的待遇和地位,是打造更多享誉世界的"中国品牌"的前提和基础。以弘扬"工匠精神"为目标的职工文化是振兴我国实体经济的有力抓手。     

The Greening of the Americas

ABSTRACT

This paper evaluates global capital’s ecological management and extends the assessment to the “green economy,” as developed in the first “green” neoliberal project, in Costa Rica. Costa Rica has been an important “laboratory” for experimentation in environmental governance mechanisms using debt-for-nature financial exchanges and other instruments of the Kyoto Protocol. I explore how “greening” can be understood as a new phase of capital accumulation, as I go into its five main aspects.     

Risk,politics, and development: Lessons from the UK's democracy aid

Political risks are inescapable in development. Donors keep them in check with a range of tools, but existing options provide little guidance about how political forms of risk can—or should—shape programme design. This paper presents a novel framework that offers practical guidance on how to think about and manage some of these risks. This is based on a review of programmes delivered by the Westminster Foundation for Democracy, which provides a specific type of aid: democracy assistance. Political forms of risk have a strong influence on that aid, so it provides a valuable example. Our framework centres on two trade‐offs inherent in the provision of aid for democracy support. The first relates to the type of approach employed in a programme; should it focus on a thematic issue or a specific event, or should it focus primarily on an institution and its processes? The second concerns the scope of a programme in terms of who it includes. Understanding the costs and benefits of these trade‐offs will help development practitioners to make decisions about political risks in a more rigorous and transparent way and, potentially, to shift from a culture of risk aversion, to one of informed risk‐taking.     

Time for a New Paradigm? Past and Present Transitions in Economic Policy

This article seeks to place the UK's present economic ‘moment’ in historical context. Over the course of the decade since the 2007 financial crisis, it has increasingly been acknowledged that a cyclical crisis has become a structural crisis. The failure of most economists to predict the financial crash in the first place, and the inadequacy of economic policy in responding to its lasting effects, has led many to conclude that economics itself is in crisis. This article seeks to contribute to a better understanding of the present period of disjuncture. Drawing on theories of paradigm shift from both the physical and social sciences, we argue that the speed of change in UK economic policy is comparable to the two major historical transitions that ended with the post‐war consensus and neoliberalism. We conclude by offering some remarks on how and where the present change might take us.     

If territorial fragmentation is a problem,is amalgamation a solution? – Ten years later

ABSTRACT

Over the last decade, municipal territorial amalgamation has occurred in 15 European countries. The same period has seen spectacular progress in research on the relationship between municipal size and the functioning of local governments, as well as the impacts of territorial reforms on economic performance and local democracy. Quasi-experimental designs treating territorial reforms as specific “research laboratories” have constituted an important part of that trend. However, there are still important gaps in the knowledge and the study results are often inconclusive. These observations call for a research agenda for the future.     

Hedonists and husbands: piracy narratives,gender demands,and local political economic realities in Somalia

The grand narrative of piracy has been instrumental in shaping how piracy off the coast of Somalia is understood and responded to. Self-proclaimed pirates, suspected pirates, and convicted piracy prisoners continue to tell the story of taking up arms against foreign illegal fishers to protect their personal livelihoods as well as Somalia’s natural resources. Although the grand narrative remains the most popular piracy narrative, this paper introduces and examines two newly emergent narratives of Somali piracy – the Somali women’s narrative and the piracy prisoner self-narrative. I explore how these narratives reveal a central paradox surrounding piracy and social reproduction in Somalia that, until now, has been absent from discussions about piracy narratives and the issue of Somali piracy. Whereas the grand narrative of piracy fails to address gender demands and local political economic realities in Somalia, the new narratives present piracy as a gendered experienced that is situated within the broader, evolving context of courtship and marriage in Somalia. I argue the new narratives can help push beyond over-simplistic understandings of piracy off the coast of Somalia as a ‘man’s crime’ that should be addressed by men.     

Political economy,poverty, and polycentrism in the Global Environment Facility’s Least Developed Countries Fund (LDCF) for Climate Change Adaptation

Climate change adaptation refers to altering infrastructure, institutions or ecosystems to respond to the impacts of climate change. Least developed countries often lack the requisite capacity to implement adaptation projects. The Global Environment Facility’s Least Developed Countries Fund (LDCF) is a scheme where industrialised countries have disbursed $934.5 million in voluntary contributions to support 213 adaptation projects across 51 least developed countries. But how effective are its efforts—and what sort of challenges have arisen as it implements projects? To provide some answers, this article documents the presence of four “political economy” attributes of adaptation projects—processes we have termed enclosure, exclusion, encroachment and entrenchment—cutting across economic, political, ecological and social dimensions. Based on extensive field research, we find the four processes at work simultaneously in our case studies of five LDCF projects being implemented in Bangladesh, Bhutan, Cambodia, the Maldives and Vanuatu. The article concludes with a discussion of the broader implications of the political economy of adaptation for analysts, program managers and climate researchers at large. In sum, the politics of adaptation must be taken into account so that projects can maximise their efficacy and avoid marginalising those most vulnerable to the impacts of climate change.