Temporary Loan Limits as a Natural Experiment in Federal Housing Administration Insurance

The Economic Stimulus Act of 2008 dramatically but temporarily increased the mortgage loan amount eligible for insurance through the Federal Housing Administration (FHA). We use the implementation and expiration of these loan limits as a source of exogenous variation in the availability of FHA insurance to measure the impact on the overall mortgage market and conventional lending. We find that the introduction of higher loan limits increased the number of loan originations, but that the expiration of those loan limits roughly 6 years later did not significantly decrease affected loan originations. The substitution between loan products and small net impact on the overall mortgage market when the ESA loan limits expired may be explained by the return of a stronger conventional lending industry than existed during the housing crisis.     

Headlong into the Polanyian Dilemma: The Impact of Middle-Class Moral Panic on the British Government's Response to the Sub-prime Crisis

This article focuses on the discursive construction in Britain of a middle-class moral panic occasioned by the distress caused to self-styled 'responsible mortgage borrowers' by falling house prices. In the context of the move towards asset-based welfare the sub-prime crisis manifested itself most obviously in the popular consciousness as a threat to housing market wealth. The Labour government used the political space opened up by the narrative of middle-class moral panic in order to protect banks' balance sheets from the consequences of their own failed investments in mortgage-backed securities. The ensuing arrangements immunised banks from the implications of market self-regulation in the first-phase response to the sub-prime crisis while simultaneously allowing them to continue to impose the experience of market self-regulation on their customers. An increasingly asymmetric approach to banking regulation has arisen analogous to that which Karl Polanyi associated with the contradictory co-existence of market and non-market forms.     

Preventive action and conflict mitigation in Nigeria’s 2015 elections

Prior to the 2015 Nigerian general elections, there were concerns that the fierce political contest would lead to electoral violence in the country. However, the elections were conducted peacefully, with fewer disputes and election-related deaths than previous elections. This study accounts for the fall in the level of electoral violence in Nigeria and discusses the lessons that Nigeria’s experience presents. It argues that the avoidance of destructive electoral disputes in Nigeria was the result of preventive action taken by the country’s electoral commission, civil society groups, and development partners. The specific preventive actions taken include innovations in election administration aimed at enhancing electoral transparency and credibility, election security measures such as early warning and peace messaging, and preventive diplomacy urging the main candidates and the political elite to embrace peace. The key lesson that can be drawn from Nigeria’s experience is that a well thought out conflict prevention strategy should be an integral part of electoral governance, especially in countries with a high risk of electoral violence.     

Global poverty and inequality: are the revised estimates open to an alternative interpretation?

The level of, and trends in, global inequality and global poverty are indicative assessments of who has benefited from economic growth. The revision of price data has led to a reassessment of those estimates. Through an extensive overview of the implications, we argue that the data can be read in different ways. Official estimates show global extreme poverty and global inequality are considerably lower than previously thought. We argue that these changes are much less significant than they at first appear, and we present a more nuanced alternative interpretation by exploring changes across the entire global distribution.     

Dismissal of strikers and industrial disputes: the 1985–1987 strike and mass sackings at Silentnight

The 1985–1987 dispute at Silentnight bed factories in the north of England was an exceptionally long and bitter strike, lasting for 20 months from June 1985 until February 1987. A total of 346 workers were sacked for taking part in the strike, which gained a high profile with remarkable levels of support and solidarity action, largely due to its emblematic status as an extreme example of punitive treatment of workers taking industrial action in the period immediately following the defeat of the miners in 1984/1985. Workers took lawful strike action in 1985 over the non-implementation of agreed pay rises and compulsory redundancies counter to an existing agreement between the firm and the union, with the company responding to the dispute with mass dismissals. Pickets were maintained at the two factories in question for nearly two years, with the strikers gaining wide-ranging support from across the labour movement, but the company stood firm against the dismissed strikers who were ultimately defeated. Based on archival research and interviews with participants in the strike, the article analyses in detail how the dispute was sustained for so long, the legal context and the weakness of legal protections for strikers in the period, and the widespread political mobilisation and networks of support and solidarity that arose around the strike and in opposition to the policies of the Conservative government of the day.     

New Unionism at the Grassroots: The Amalgamated Clothing Workers of America in Rochester,New York, 1914–29

Labor movements have always found it difficult to reveal and transform the social relations that constitute markets. The growing transnational movements of goods, capital, and services in themselves have therefore not triggered closer trade union cooperation across borders. Transnational collective action also requires conscious choices and a mutual understanding that solidarity across borders is warranted. For this reason, this special issue of Labor History assesses the role that politicization processes play in triggering transnational union action.     

Humanism in the autobiographies of Edward Said and Nelson Mandela: memory as action

This paper discusses the concept of memory as a form of humanist activism in the autobiographies of Nelson Mandela and Edward Said. Mandela and Said were chosen because they dedicated their lives to the cause of freedom in South Africa and Palestine. Their engagement with the political causes of their countries turned into a concern with worldwide struggles for human rights and racial equality. While Mandela emerged as a vital force against apartheid in South Africa, Said was a well-known and influential Palestinian critic and intellectual whose writings tackle the Palestinian struggle for justice within the worldwide experience of imperialism and its binary oppositions of white/black, male/female, superior/inferior. I argue that these autobiographies bear witness to the plight of Black South Africans and Palestinians as both a shared memory resistant to erasure and a call for justice. Mandela and Said used their personal memories and life stories to construct a public reading of the meanings of the events that shaped them. Here I focus on the concept of humanist and political activity in the two autobiographies.     

Governance of a public sector joint venture: the control challenges of dominated owners

Local governments increasingly choose to provide a wide range of services through cooperation with other local governments. Providing complex services through intergovernmental units creates collaboration risks and collective action dilemmas that need to be mitigated. Based on a longitudinal case study, an investigation is made into the dynamic processes in the governance of a public sector joint venture (JV) and the control challenges of dominated owners. The findings illustrate that the approach to mitigating collective action dilemmas is far less rational than that prescribed by the normative literature, resulting in control challenges at later stages in the relationship. Limitations in the assessment of collaboration risks are explained by drawing on resource dependence theory (RDT) arguments. Dynamic processes in the JV relationship create the need to adjust the governance system. However, adaptability is constrained by power asymmetry and control complexity.     

Food and finance: the financial transformation of agro-food supply chains

This article draws upon existing literature to document and describe the rise of finance in food provisioning. It queries the role of financialization in the contemporary food crisis and analyzes its impacts upon the distribution of power and wealth within and along the generalized agro-food supply chain. A systematic treatment of key nodes in the supply chain reveals four key insights: (1) the line between finance and food provisioning has become increasingly blurred in recent decades, with financial actors taking a growing interest in food and agriculture and agro-food enterprises becoming increasingly involved in financial activities; (2) financialization has reinforced the position of food retailers as the dominant actors within the agro-food system, though they are largely subject to the dictates of finance capital and face renewed competition from financialized commodity traders; (3) financialization has intensified the exploitation of food workers, increasing their workload while pushing down their real wages and heightening the precarity of their positions, and (4) small-scale farmers have been especially hard hit by financialization, as their livelihoods have become even more uncertain due to increasing volatility in agricultural markets, they have become weaker vis-à-vis other actors in the agro-food supply chain, and they face growing competition for their farmland. The paper concludes by identifying themes for future research and asking readers to reimagine the role of finance in food provisioning.     

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.