Emissions Trading,New Enclosures and Eco‐Social Contestation

Abstract: The central operating strategy within the 1997 Kyoto Protocol and most of the advanced capitalist world's environmental policy is to address climate change through the market mechanism known as emissions trading. Based upon government issuance and private trading of emissions reductions credits and offsets, this approach quickly rose to $135 billion in annual trading. But in the wake of the collapse of climate negotiations in Copenhagen and a world financial crisis which undermined market faith in derivative investments, carbon trading has an uncertain future. Linkages between deep‐rooted financial market and emissions market problems are revealing in spatio‐temporal terms, especially in the context of a deeper overaccumulation crisis and investors’ desperate need for new speculative outlets. It is in the nexus of the spatial and temporal aspects of carbon financing amidst resistance to “new enclosures” by adversely affected peoples, that broader‐based lessons for global/local environmental politics and climate policy can be learned.     

“All Gone Now”: The Material,Discursive and Political Erasure of Bank and Building Society Branches in Britain

Abstract: This paper examines an apparent anomaly that lies at the heart of processes of financial exclusion within Britain. Given that the branch networks of banks and building societies have shrunk in size by about one‐third since 1989, a period during which the Government has launched a wide‐ranging set of policies to tackle financial exclusion, why is it that the issue of branch closure has been neutralised as a political issue? After providing evidence to show the extent of branch closure in Britain and illustrating the ways in which geographical research in particular has drawn attention to the nature of this problem, we look at the way the issue of physical access to financial services has been discursively and politically marginalised. We undertake a detailed history of public policy in the area, and the ways in which research funded by industry bodies and Government departments has been used and framed to build a pro‐market, neoliberal policy programme that constructs branch closures as natural and inevitable.     

American home: Predatory mortgage capital and neighbourhood spaces of race and class exploitation in the United States

Predatory home mortgage lending has become a central concern for housing research, public policy and community activism in US cities. Regulatory attempts to stop abuses, however, are undermined by claims that ‘predatory’ cannot be defined or distinguished from legitimate subprime lending, and claims that the industry performs a public service by meeting the needs of low‐income, high‐risk consumers (many of them racially marginalized) who would have been denied credit in previous years. We evaluate these claims in historical‐geographical context, drawing on David Harvey's theory of class‐monopoly rent to analyse what is new (and what is not) in contemporary financial exploitation. We use a mixed‐methods approach to (1) provide econometric measures of subprime racial targeting and disparate impact that cannot be blamed on the supposed deficiencies of borrowers, (2) qualitatively assess the rationale for judging particular subprime practices and lenders as predatory, and (3) trace the connections between local practices and transnational investment networks. The fight against predatory lending cannot succeed, we argue, without a renewed analytical and strategic emphasis on the class dimensions of financial exploitation and racial‐geographical discrimination.     

Governing Homo Subprimicus: Beyond Financial Citizenship,Exclusion, and Rights

The paper presents an alternative to scholarship on the distributional politics of finance that emphasizes citizenship‐based claims to new financial rights. To compensate for the dominance of exclusion‐based etiologies of financial marginality in financial geography, I reframe financial exclusion as a problem of financial government—that is, as a problem of conducting the conduct of risky populations without threatening the security and autonomy of financial markets. Drawing on Foucault's distinction between technologies of discipline and security, I describe how barriers to the extension of financial government create tiered processes of financial subject formation. The inchoate “subprime’ financial subject produced is the correlate of a specialized financial governmentality—a homo subprimicus eminently governable by financial means. I close by calling for greater attention to questions regarding the relationship between technologies for valorizing bare life, new systems of financially mediated value extraction, and emerging capitalist class processes.     

MAPPING FINANCIAL LITERACY: COGNITION AND THE ENVIRONMENT

Recent research suggests that regions can be characterized according to their (more or less) financial literacy. One implication is that there may be regional ecologies of finance nested within national institutions and global markets. This article begins by situating behaviour in time and space, linking behaviour to the interaction between cognition and the environment. This is followed by a substantive account of the geographical scale of the “environment” working from the global to the local and in return from the local to the global. By implication, maps of financial literacy reflect the skills and expertise of resident populations, affecting how they sort amongst the relevant information to make effective decisions (which have a material effect on their long‐term welfare). Explaining how and why this is the case is one goal of the article. It is also acknowledged that representing the relationship between behaviour and the environment is conceptually and empirically challenging. Reference is made to new findings about the ways in which people “sample” the world around them, suggesting that cognition and the environment are intertwined in ways that may reinforce existing urban and regional inequalities. In conclusion, implications are drawn for the design and implementation of pension and retirement saving policies.     

Champions of the Movement or Fair‐weather Heroes? Individualization and the (A)politics of Local Food

We ask to what degree consumers who act out movement practices (eg local food consumption) may do so without regard for larger environmental and social justice implications, and how focus on individual concerns reflects the partial (but increasing) neoliberalization and depoliticization of the alternative food movement. Coupling narratives from five citizen‐consumers with analysis of organizational discourse from a major food movement organization in Massachusetts’ Pioneer Valley, we examine the interplay of individual and collective identity to point to places where modified discourse and movement tactics may produce more fruitful outcomes (eg greater community food security). Ultimately, we argue that individualistic interpretations of alternative food are reinforced by organizational campaigns that shape collective identity, casting “buying local” as a heroic act, thereby re‐casting others as anti‐heroes. Counteracting individualization with a new politics of possibility should be prioritized, as citizen‐consumers will inevitably determine future landscapes of food, environmental sustainability and social justice.     

‘Milking The Elephant’: Financial Markets as Real Markets in Kenya

Financial liberalization policies in the 1990s were intended to raise formal sector interest rates, enhance competition and expand access for users. This article investigates patterns of provision and use in a local financial market in Karatina, Kenya, at the end of the 1990s after a period of financial and economic liberalization. It takes a holistic approach, examining both formal and informal financial arrangements and microfinance interventions. This is because the role of the informal financial sector is particularly important for poor people and has received relatively little attention in the discussion of the consequences of reform. The author does this using a ‘real’ markets approach that sees markets as socially regulated and structured. Significant provision by the mutual sector (formal and informal), and poor lending performance by the banking sector is explained through an examination of the characteristics of the services on offer and their embeddedness in social relations, culture and politics.     

增强执政党应对金融危机的能力

应对金融风险是执政党必须高度注重的重大问题。在经济全球化时代金融危机频发以及金融风险增多的条件下,增强执政党应对金融危机的能力,妥善处理金融危机所带来的各种挑战,尽快化解可能引发的政治危机和社会危机,不仅关系到党执政的合法性基础,关系到党执政地位的巩固,而且关系到国家政局的稳定和人民群众的财产安全。     

Too small to be of interest,too large to grasp? Histories of the Luxembourg financial centre

ABSTRACT

The importance of smaller financial centres in international capitalism has recently been highlighted by a number of ‘leaks’. Yet such public attention stands in contrast to the paucity of historiographical research on these relatively new centres. To this regard, Luxembourg provides an interesting case study. While identified as a ‘global specialist’ by the Global Financial Centres Index, the genealogy of how it came to achieve this status remains largely under-researched. This article reviews the historiography of the Luxembourg financial centre from both external perspectives – how the international social sciences and humanities have positioned the Luxembourg financial sector within the broader finance and banking context – and internal viewpoints – how scholars in Luxembourg have recounted the relevant events. The Luxembourg financial centre began to appear in international historiography only in the last fifteen years. With only rare departures from general overviews and a tendency not to consult local sources, the contributions of international historians have mostly attempted to identify time frames and contextualise the particularities of its historical development. That said, a recent geographical diversification of the literature has seen the appearance of publications that demonstrate a more detailed understanding of its internal structures and links with other nerve centres of the global financial system. While a Luxembourg historiography began to develop in the late 1970s, it has often been produced to coincide with commemorative events, funded by players in the financial centre and frequently written by these same actors. While not necessarily hagiographic in approach, a lack of distance from the subject and a failure to problematise the subject has nevertheless meant that these writings are little more than factual introductions that, while useful, are limited in their historiographical depth. Furthermore, a dearth of archival research has produced a repetitive narrative based around a selection of key events and figures.     

ZONING A CROSS‐BORDER CITY

This paper investigates zoning in a cross‐border linear city that consists of two bordering towns. In each town, a local regulator has a say in the location of the local firm. We find that local regulators may use zoning strategically. The incentive to gain consumers from the other town, or not to lose local consumers, may push regulators to approve only locations for firms close enough to the frontier. When zoning is costly an asymmetric equilibrium may emerge: only one regulator resorts to zoning. In the case of towns of different sizes, the regulator of the larger town is the only one that zones in an asymmetric equilibrium.     

青海金融生态环境存在的问题及改进对策

金融生态环境问题日益受到社会的广泛关注。积极推进富裕、文明、和谐新青海建设的进程,必须高度关注金融生态环境．切实解决金融生态环境面临的突出问题,从而以优化的金融生态环境为经济的又好又快发展提供持续支持。     

金融集聚研究进展与展望

金融业集聚属于服务业集聚范畴,既与制造业集聚有共性,又有其独特性。金融集聚的研究主要依托于区位理论、集群理论和金融地理学。区位理论是金融集聚的理论基础,集群理论为金融集聚提供了研究范式,金融地理学的发展为金融集聚研究带来新的动向。金融集聚的现有研究内容主要集中于对集聚的动因、类型、效应、模式的探讨,以及金融中心的构建等几个方面。随着全球化、信息化对金融业的发展布局影响越来越大,未来应重点加强对金融分支行业和微观区域方面的研究。     

CONSUMER PERCEPTIONS OF SPONSORSHIP IN THE ARTS

This article investigates consumers’ perceptions of three types of sponsors that play a role in backing financially Canadian artistic and cultural organisations: government ministries (or departments), Crown corporations and private companies. In addition to the type of sponsor and the nature of the sponsorship (philanthropic or commercial), the perceived congruence between the sponsor and the sponsored event (strong as opposed to weak), and the form of arts and cultural events (high art versus popular art and performing arts versus heritage arts) are explored in an experimental setting combining within‐subjects and between‐subjects factors. The main hypothesis of this research was that consumers’ perceptions are not the same when it comes to the different kinds of sponsors that evolve in the cultural and art fields. As the researchers explored this issue, they observed that significant differences do exist. It is believed that the rich findings of this study will be useful to civil servants.     

Precarious Debt: Microfinance Subjects and Intergenerational Dependency in Cambodia

This paper tells a story of debt within a rural Cambodian family in order to understand how microfinance produces more‐than‐individual financial subjects that are entangled in changing social relations of dependency. We draw upon 20 months of joint ethnographic research in Cambodia, where the microfinance industry is one of the largest per capita in the world. Informed by Judith Butler's notions of precariousness and precarity, we argue that even in the context of deepening financialisation, people's lives remain dependent upon others, especially within families. We analyse how these family relations of dependency are reworked along generational lines and spatially stretched due to precarious economic conditions of indebtedness, household migration, and distant labour markets. We conclude that reframing financial subjectivity in terms of precariousness helps us to analyse the relationship between households and financial markets, as well as inform a critical politics of finance.     

The locus of financial regulation: home versus host

If the G's are the world's steering committee, the step from G7 to G20 deepened the democratic legitimacy of this committee. However, it also shifted influence to a group that share little else other than economic power: they have diverse experiences, challenges, cultural perspectives and starting points. This is particularly the case in the field of financial regulation, where action across these countries in recent months—despite all the language of global regulation—is increasingly local. The prospect of the new global being quite local has dismayed some. But it need not. This article challenges the dichotomy of more global versus more local. It argues that financial internationalism—greater cooperation by nations for the benefit of all—is better served by institutions that help to integrate diverse systems than those which try to enforce one‐size‐fits‐all approach to very different economies. International banks persuaded regulators of the benefits of home country regulation and a level playing field for bankers. But the benefits accrued largely to the banks in the boom and proved an avenue for contagion during the crash. Host country regulation may prove a safer way to regulate financial systems, in particular by allowing regulation to be more responsive to national economic conditions and cycles. It is likely that a shift back to host country regulation will act as a drag on international capital flows. The instinct of economists is that the cost of this is uncertain, suspect and conditional, especially when compared to the costs of financial crashes. Host country regulation does not mean there is no role for international institutions, such as the newly minted Financial Stability Board. Instead, it suggests a more nuanced role, potentially encompassing the policing of international market infrastructure, financial protectionism, information free flow between regulators and the convergence of regulatory principles and the consolidation of regulatory instruments. An informed and collegiate process of integrating different financial systems will be a more resilient system than one which tries to apply a single rule book across inherently different countries.     

The politics of finance in Napoleonic Italy (1802‐1814)

Abstract

The Republic and Kingdom of Italy (1802‐14) served as an important source of revenues for Napoleonic France. Most importantly, the authorities had to pay for a growing Italian army and for the French troops in northern Italy. To satisfy the Emperor's increasing financial pressure, Prina, the Finance Minister, increased the tax burden and reorganized the financial administration and tax collection. Prina kept a moderate property tax to secure the support of the landowners and raised indirect taxes, thereby increasing the burden on the poor. His reforms in the financial administration made it more orderly, uniform and efficient, thus strengthening the central state. While Prina modernized the financial machinery and expanded the state's resources, the fiscal pressure contributed to growing hostility from the population to the Napoleonic state. Following the fall of the Kingdom of Italy, the Austrians left the Napoleonic financial system intact, a demonstration of Prina's effective reforms and long‐term impact.     

Financial Globalization,Local Debt Markets and New State Financial Activism in Middle-income Countries

Since the global financial crisis of 2008–09, there has been a renewed interest in the role of the state in processes of financial development and globalization. This article explores new forms of state economic activity via the development of debt capital markets in Southeast Asia, specifically Indonesia and Malaysia. It suggests that the expanding profile of various state-controlled entities in local capital markets constitutes a new form of state financial activism responsive to (upper) middle-class consumption preferences such as modern infrastructure, urban housing and low-risk investments. This activism highlights state agency and complicates the propositions of the emergent literature on state capitalism and financial de-risking that focuses on increasingly close alignment of the interests of states and international portfolio investors. Accordingly, the authors caution against unilinear conceptions of the state in which activism is primarily geared towards accommodating the preferences of international investors. The article posits that states are actively trying to establish new market logics for the benefit of their domestic middle classes via the development of domestic capital markets, and that the emergent role of middle-income country (upper) middle classes as financial consumers reconfigures processes of state-managed financialization.     

Currency Issues and Financial Crises: The Excessive Issuance of Banknotes and Price Fluctuations during the “New Policies” Period in the Late Qing

In the New Policies period of the late Qing, the central government’s power had declined due to an expansion of power at the local-government level. After gaining the right to independently fundraise during the Self-Strengthening Movement, local governments also obtained the privilege of issuing currency. Following a downward trend in China’s fiscal power, the issuance of banknotes by local government had become a noticeable problem. The influence of foreign banks in China, meanwhile, was continuing to expand, the increasing number of countries involved as well as the growing number of banks being just two examples. Because the central government lacked strong supervision, the rate of issuance of banknotes by foreign banks thus gradually increased, leading to growing prices. In addition, this dispersion of financial power further boosted inflation. Since the Qing government focused on reforming its approaches to finance and strengthening its central role during the New Policies, reorganizing its banknote policy was its primary agenda. However, to a large extent, the policy was guided by the idea that monetary policy should be subordinate to financial needs. Thus, the very limited effect of the Qing government’s banknote-reorganization policy also marked the regime’s failure to bring about the modernization of China.     

近十年晚清财政史研究综述

晚清财政史研究是晚清经济史研究的重要领域之一。近十年来,学术界的目光主要集中于晚清财政状况、财政收支、财政制度等方面,在论和资料整理上均取得了丰硕成果。学们从纵向与横向两方面着笔,对晚清财政状况进行了宏观考察。财政收入研究侧重于外债、关税与厘金,而对外赔款仍是财政支出研究的热点。财政制度与体制方面,学界论述较多为中央与地方的财政关系问题。至于财政思想,学们对重要人物的财政思想研究较多,对总体性财政思想的研究则相对薄弱。此外,他们还对太平天国政权的赋税制度与政策予以客观分析和评价。     

Critical Issues on Probabilistic Earthquake Loss Assessment

Probabilistic loss modeling can be used to develop risk reduction measures, such as the identification of regions more prone to human and economic losses, or to develop financial mechanisms to transfer the earthquake risk from local governments to the private sector. This study addresses several critical issues in probabilistic loss modeling, and provides recommendations depending on the intended final use of the risk results. Modeling issues related to convergence in probabilistic event-based analysis; consideration of epistemic uncertainties within a logic tree; generation of different types of loss exceedance curves; and derivation of risk maps are thoroughly investigated. The Metropolitan Area of Lisbon is used to explore these issues, and it is demonstrated that different assumptions in the loss modeling process can lead to considerably different risk results. Furthermore, the findings and recommendations of this study are also relevant for institutions that promote the assessment of earthquake hazard and risk, such as the Global Earthquake Model Foundation.