Disaster Capitalism and the Quick,Quick, Slow Unravelling of Animal Life

Sea otters have barely survived centuries of colonial and capitalist development. To understand why, I examine how they have been oriented in capitalist social relations in Alaska, and with what effects. I follow sea otters through three overlapping political economic episodes, each of which shapes the next: colonial expansion and the fur trade; petro‐capitalism and the negligent neoliberal state, culminating in the 1989 Exxon Valdez oil spill; and finally, spill cleanup and “green” capitalism, when sea otters are produced as data points and spectacle. In each episode, I describe (1) sea otters’ orientation in relation to capitalism and the state, and (2) the nature and temporality of violence and ecological loss that attends their orientation. In conversation with theorisations of extinction as a “slow unravelling”, I suggest animal life can unravel less slowly than haltingly—quick, quick, slow—and that the unravelling and animals’ orientation in capitalism are co‐constituted.     

The Hidden Consequences of Credit: An Illustration from Rural Indonesia

Interest in rural financial development has been booming, but often with a blind eye to the broader consequences. Very few studies have tackled the unintended economic, social and ecological outcomes of ordinary indebtedness, the inevitable other side of credit. This article explores some of the main ‘hidden’ side‐effects of credit/debt relations, with special reference to the Indonesian plantation sector. I argue that widespread credit/debt relations are not only an important factor behind capital, land and labour control; they also generate constraints that foster market discipline and contribute to undermine traditional community bonds as well as environmental conditions. More generally, credit/debt relations represent a powerful mechanism of social selection that has, in the long run, crucially shaped the trajectory of capitalism at the household, firm and government levels.     

Challenging New State Spatialities: The Open Marxism of Henri Lefebvre

Abstract: It is possible to identify a subterranean tradition within Marxism—one in which dialectical thought is harnessed not only to expose the necessarily exploitative and inherently crisis‐prone character of capitalism as an actual system of social organisation, but also to critique the very categories that constitute capitalism as a conceptual system. This paper argues that Henri Lefebvre's work can be included within this tradition of “open Marxism”. In demonstrating how Lefebvre's work on everyday life, the production of space and the state derives from his open approach, the paper flags a potential problem of antinomy in an emergent new state spatialities literature that draws upon Lefebvre to supplement its structuralist–regulationist (“closed”) Marxist foundations. A Lefebvre‐inspired challenge is therefore established: that is, to develop a critique of space which does not substitute an open theory of the space of political economy with a closed theory of the political economy of the regulation of space.     

Political geography lecture: Social forms,spatial forms,and the New Right. Celebrating Capital at 150 and explaining the rise of the AfD

The federal elections of September 2017 that swept the authoritarian-nationalist political party with leanings toward the extreme right, the Alternative für Deutschland (AfD), into the national parliament marked a significant change in Germany's political landscape. The platform of the AfD is built on three pillars: nationalism/racism, sexism/homo-/transphobia, and neoliberal market-radicalism/utilitarianism. This lecture proposes a form-analytical approach to historical-geographical materialism that pays proper attention to both the social forms and the spatial forms of capitalism to shed light on how the principle of abstract equality is challenged by the AfD in a selective manner within these three pillars. Bringing together two branches of Marxist theory—form analysis in the tradition of the West German state derivation debate and Marxist theories of the production of space—it argues that the socials forms of capitalism are productive in that they both veil and make processable the fundamental contradictions of capitalism, but that this productivity faces substantial obstacles that are inscribed into the spatial organization of capitalism, i.e., its spatial forms—namely territory, scale, and (a reactionary understanding of) place. Drawing on these theoretical deliberations, the three pillars of the AfD platform are discussed. Although the abstract equality of market individuals is fully embraced by the AfD and its constituency, women and L.G.B.T.Q.I. people are denied the full realization of the potential of the principle of abstract equality. In particular, nonmembers of the ethnically and territorially defined demos are denied abstract equality altogether. Taken together, this lecture argues that the way in which the social forms of capitalism face substantial obstacles in the spatial forms within which they are organized helps to explain why a party with one core theme—a nationalist and racist position on migration, refugees, and Islam—can be so successful in the current conjuncture.     

Attiudes towards public debt in medieval Genoa: the Lomellini family

Genoa is well known for its characteristic public debt system, yet there has not been a great deal of research on this subject. This paper focuses on the creditor, and seeks to investigate why and under what circumstances people accept public debt. The significance of public debt for creditors in Genoa in the later middle ages will be examined through a case study of the Lomellini family, analysing colonne (a register made at a bank concerning creditors’ accounts), statutes, notarial acts, and in particular, testaments. The purpose of the purchase, use, and disposition of a share in the public debt is categorised as follows: (1) the purchase of real estate or of another public debt; (2) the property of women and minors; (3) the salvation of the soul. Through each analysis, we shall examine what influenced the creditors in their attitude toward the public debt. Public debt was not only a system of credit for the city state, but also something which penetrated into every part of people’s lives in Genoa.     

Globalisation Lived Locally: A Labour Geography Perspective on Control,Conflict and Response among Workers in Kerala

Abstract: Supported by the labour geography framework, I analyse how spatial practices of labour shape the economic geography of capitalism, by looking into a model not at a global but at a very local scale of organisation and showing its effectiveness while confronting social actors organised at global or extra‐local scales. Questioning global stereotypes on economic responses to globalisation, I argue that labour becomes actively involved in the very process of globalisation and the expansion of capital, empirically demonstrating the relevance of this in the globalisation literature. I deal with one region—Kerala—and processes in its labour markets, taking the case of apparel workers in an export‐promoting industrial park.     

Labour Migration,Capitalist Accumulation,and Feudal Reproduction: A Historical Analysis from the Eastern Gangetic Plains

This paper engages with the long‐running debate on the transition from farm‐based livelihoods to capitalism in the context of labour migration. Tracing the historic evolution of modes of production in the peripheral Mithilanchal region of the Eastern Gangetic Plains, it notes how the economic processes which are today driving the peasantry into the labour force through migration are not directly connected to the process of capitalist accumulation in the diverse locales where labour is employed, as is somtimes implied in the research on classic situations of “accumulation by dispossession”. The entry of the peasantry into the surplus labour pool is instead linked firstly, with a complex convergence of internal changes within a non‐capitalist feudal mode of production on an economic, cultural and political level, and secondly, with the stresses brought about in the wake of expanding capitalist markets. The paper notes however that migrant labour still generates substantial profits for capitalism with a sharing of surplus between the latter, and landlord‐money lenders. It argues that the relationship between modes of production in this context, is neither functional nor coincidental, and is linked instead with larger – at times opportunistic – class alliances which have evolved to fit the current political‐economic conjuncture.     

Historical Archeology,Dialectical Marxism,and “C.F.U.G. Studies”

In studying capitalism in general, Marx declares it his chief aim “to lay bare its law of motion”; and his main way of proceeding is to begin with its present state, and then move backwards into the past by uncovering its necessary preconditions, especially within the mode of production (asking essentially—what had to have happened earlier for the present to appear and function as it does?). After which, he reverses himself, and, starting with where he arrived in the past, he re-examines the same conditions and events—using whatever evidence is available—as they evolved up to the present. Finally, with the help of the contradictory tendencies (often referred to as “laws”) that are brought into view by combining these two steps, Marx projects in broad outline where capitalism seems to be heading. Human beings, divided into social classes, come into this analysis—as both causes and effects—every step along the way. The present article examines what the discipline of archeology can contribute to this project.     

Biodiversity for billionaires: capitalism, conservation and the role of philanthropy in saving/selling nature

This article examines the role of philanthropy in conservation as a way of exploring how and why conservation might be becoming more neoliberal. It describes how conservation philanthropy supports capitalism both discursively and in more practical ways. Philanthropy is examined in terms of the two forces considered to be driving the neoliberalization of conservation — the need for capitalism to find new ways of making money, and the desire of conservationists to engage with capitalism as the best way of getting things done. It demonstrates how philanthropy can speak to both of these logics simultaneously, particularly through emerging ideas of philanthrocapitalism, which may be enhancing the neoliberalization of both philanthropy and conservation.     

REGIONAL FINANCIAL SEGMENTATION IN THE UNITED STATES*

ABSTRACT. Responding to continuing discussions in this Journal regarding the importance of regional money supply and credit, a simple reduced-form regional money supply model is posited and an investigation of real regional money supplies is performed for several states around the country. Hypothesis tests are performed regarding the question of regional financial market segmentation, concluding that segmentation still exists in the United States. The empirical results also imply that interregional trade, presumably via the consequent constraint on regional banks, has at least as much effect on regional money supplies as Federal Reserve policies. These results lend further support for the assertion that regionally available money matters at the local level, and that regional analysis should continue to include regional money and credit as explanatory variables. The implications for policy makers are that: 1) national monetary policy cannot cure regional ills if the problems are manifested in regional industry mixes; and 2) some proposed banking reforms now being debated in Congress, i.e, nationwide branch banking and, particularly, industrial ownership of banks, are suspect. A healthy caution is warranted without more tests of these reforms.     

Panchayati Raj in West Bengal: Popular Participation for the People or the Party?

Since 1978 the Left Front government in West Bengal, led by the Communist Party of India (Marxist) — CPI(M) — has pursued a strategy of decentralized planning through locally elected panchayats (councils) in the countryside. The stated ideological commitment of the CP1(M) is to support and eventually empower the poor and oppressed and this has resulted in Panchayati Raj assuming the status of not just a state sponsored decentralization strategy, but the institutional forum for the mobilization of the poor and the expansion of the party's base. However the CPI(M)'s strategy is to some extent ambiguous in that it combines a need to maintain an electoral status as a party leading a state government within the Indian Union and a political status as a party promoting the conditions for, and the transition to, a people's democracy and thereby socialism.     

Innovation and the Entrepreneurial State in Asia: Mechanisms of Bond Market Development

Abstract

Bond markets have expanded rapidly in emerging East Asian economies in recent years. Asian policymakers have played a pivotal role in this development. This process presents an interesting challenge to the developmental state literature associated with bank-based financial systems. We argue that it is best to understand the role of the state as an entrepreneurial state in the construction of these markets, focusing on institutional innovation in three mechanisms of state-led market infrastructure: national or local credit rating agencies, mortgage corporations and bond pricing agencies. National credit rating agencies rate the creditworthiness of debt in local currency. Mortgage corporations create markets in securitised housing loans. Bond pricing agencies put a value on illiquid debt instruments to enable mark-to-market portfolio management. Together, these three mechanisms constitute the core determinants of the market (demand for creditworthy products, supply of tradeable assets, and the fixing of a price to those assets). In so doing they influence the nature of market operations, producing outcomes very different from the free market ideal type. We also consider cross-country commonalities and variations in this general pattern.     

A Time to Speak

Abstract

This article explores the significance of resonance as a mode of social causality in response to William Connolly's book, Capitalism and Christianity, American Style. While applauding Connolly's identification of "affinities of spirituality" as effective in forming American politics, it suggests that the character structure of ressentiment that is encountered in right-wing Christianity and politics may be the result of instability. Examining the economic basis for growth and instability in the creation of dollars in the form of debt lacking an underlying guarantee, it suggests that this instability is felt throughout American society in everyday experiences of credit and debt.     

Financialisation through Microfinance: Civil Society and Market-Building in India

Abstract

Microfinance does not reduce poverty, but it does successfully construct economic relations between owners of capital and borrowers of capital, allowing surpluses to accumulate through finance. It does so by drawing on the agency of financialised civil society actors who facilitate financialisation by working around the state to build new markets in finance and other goods. This article understands financialisation as the expansion of the frontier of financial accumulation. Microfinance is shown to achieve this expansion by establishing credit-based linkages between owners and borrowers of capital, allowing surplus accumulation to take place via the credit relation. Underlying this material relationship, there is also a level at which financialisation motivates and pressures civil society actors to bring microfinance to the poor. By becoming financialised agents themselves, civil society organisations act as conduits for an expansion of financial markets and the construction of new market relations for other goods. A case study of microfinance for water and sanitation in India shows in detail how this construction of markets via civil society works in practice, highlighting the pressures and opportunities presented by microfinance as a vehicle for building markets.     

Russian Agriculture During Putin's First Term and Beyond

An American specialist on Russian agriculture surveys developments during Putin's first term in office, as well as the challenges that loom for the future. The focus is on how economic growth more broadly, and agrarian reform policy more specifically, have led to increasing agricultural output and improved financial stability of farms, with emphasis on the large-farm sector (former state and collective farms). Among the at least partially successful stabilization measures described in some detail are development of reliable sources of farm credit, debt restructuring and cancellation, greater fulfillment of state budget obligations, state intervention in grain markets, and trade protectionism. The paper also assesses the agenda for increasing Russian agriculture's global competitiveness in Putin's second term. Journal of Economic Literature, Classification Numbers: F13, O18, Q10. 3 tables, 61 references.     

Why Illness Causes More Serious Economic Damage than Crop Failure in Rural Cambodia

In rural Cambodia, illness has caused more serious economic damage to rural households than crop failure. This article explores the reasons for this using data on the strategies adopted by households in two Cambodian villages to cope with these different types of shock. The data show that Cambodian households can cope with crop failure by earning additional income. However, to cope with illness, which entails lump‐sum treatment costs, they have to borrow money or sell their assets, because households cannot acquire the necessary funds in a short period just by earning additional income. Combined with the harsh conditions of credit markets (high interest rates, strict debt collection and credit rationing), and weak risk‐sharing among households, this results in illness causing a large number of land sales in the surveyed villages.     

Changing partnerships: Firms and the French state

Lindblom's hypothesis that in market‐oriented systems businessmen predominate over statesmen is tested in relation to the way French firms have switched partners since the 1980s. Instead of a dirigiste—style special relationship with government, they have formed multinational partnerships. The implications of the new competitive context, under the pressure of delocalisation panic, are considered, prior to the examination of the effects of nationalisation and privatisation on the national identity of firms. The virtual bankruptcy of Crédit Lyonnais is examined as an example of state‐dependent capitalism, and the impact of EC competition policy is considered. The partial industrial disengagement by the French government in favour of market competition reinforces the applicability of Lindblom's hypothesis to the relations between firms and state in France.     

“Follow the Tree Flowers”: Fugitive Mapping in Beloved

This article attempts to analyse mapping practices at the intersection of geography, black studies and literary studies, in order to reassess the political and pedagogical possibilities of mapping under late capitalism. I turn to Toni Morrison’s novel Beloved to track black cartographic practices otherwise obscured or, as Katherine McKittrick writes, “rendered ungeographic”. The novel offers a hidden and unauthorised archive for the often clandestine geographic practices that make possible fugitivity from the mechanics of “slaveholding agro‐capitalism” and its ongoing legacy. As an unofficial archive of black geographic practice, Morrison’s novel might itself be thought of as a map: a contemporary mode of memorialising the depth of place, relation, and navigation—a depth no two‐dimensional map can accommodate. Finally, this article demonstrates the valuable interventions that black studies and black creative production can make within the subfields of critical cartography and critical geography.     

The Holy Thorn Ceremony: Revival,Rivalry and Civil Religion in Glastonbury

This study examines the chapbook tales of Tom Thumb and Jack the Giant-Killer. The earliest recorded forms of these stories are discussed and it is contended that the common dismissal of their Arthurian elements as unimportant background—Arthur's Britain as a variant of “Once upon a time”—is unhelpful. Rather, both arguably embody and illustrate important points about the nature of the Arthurian legend in an era in which interest in this had declined considerably. It is suggested that the Arthurian element in Tom Thumb is, while not central, significant, and that it is best viewed in the context of an established pattern of development and expansion of the international Arthurian cycle that meets the needs and interests of different audiences. Jack the Giant-Killer, in contrast, seems to owe a noteworthy debt to the Arthur of Welsh and/or Cornish folklore rather than to the roi fainéant of the international legend, perhaps reflecting the decline in importance of the latter since the time of the The History of Tom Thumbe (1641).     

Labor's Geography: Capital,Violence, Guest Workers and the Post‐World War II Landscape

Abstract: The impetus to labor geography—putting workers and their practices and interests right at the heart of our analyses and making these ontologically prior in our theorizing—is the right one. Because this is the right impulse, work in labor geography has tended to over‐valorize both the ability of workers to shape the landscapes of capitalism and the long‐term efficacy of any such “shaping”. Arguing from a specific case—the struggles over agribusiness in California in the immediate post‐World War II California—this paper seeks to understand those moments when workers are all but powerless. It argues that those of us interested in politically charged and politically efficacious labor geographies need to retrain our focus as much on the structures within which workers live and work as well as on the actions undertaken by powerful forces within capital and the state whose interests are served by various forms of worker powerlessness.