Against Value: Accumulation in the Oil Industry and the Biopolitics of Labour Under Finance

Current theses on the financialization of capitalism postulate a shift from investment in material growth to financial channels, with the implication that the extraction of value from the labour process is no longer the central locus of corporate profitability and that the antagonism between labour and capital in the accumulation process has been displaced by the tension between corporate managers and financial markets. This article challenges both claims of financialization and its political implications. Using an analysis of the oil industry in the US, focusing particularly on layoffs, I argue that, instead of inhibiting material accumulation, financialization signals a change in the form of investment that has led to the intensification of labour and its deepening subsumption under capital, transcending labour exploitation and extending the sovereignty of capital over the life of living labour.     

国际金融危机对世界国际旅游业发展的影响研究

国际金融危机对世界国际旅游业影响的传导机制是什么？对其影响进行科学分析与预测的指标是什么？其影响的状况与特点是什么？其影响的趋势及我国的对策又是什么？本文运用国际经济学与旅游经济学原理,收集分析世界经济与世界国际旅游业发展的统计资料,对具有代表性的旅行社、旅游饭店与旅游景区点进行调查研究,同时对我国国际化程度最高的世界著名旅游城市香港进行比较研究,从而回答上述问题。本文的主要内容包括：（1）国际金融危机对世界国际旅游业发展影响的传导机制与分析预测指标的构建与验证;（2）国际金融危机对世界国际旅游业发展影响的现状、特征与趋势,以及我国的对策研究。     

国际金融危机影响及中国旅游饭店的经营策略

如何在正确认识国际金融危机对世界经济、世界旅游市场、我国经济、我国旅游市场和我国旅游饭店影响基础上,借鉴国际旅馆的经营策略,说明我国饭店的经营策略,这是当前我国旅游业发展的一个重要课题。本文据此命题,运用统计数据与典型样本分析,讨论阐明下列问题：（1）世界经济发展的主要趋势;（2）世界旅游市场发展的主要趋势;（3）国外旅馆的经营策略;（4）中国经济发展的主要趋势;（5）中国旅游市场发展的主要趋势;（6）中国旅游饭店的经营策略。     

Too precarious to be inclusive? Hotel maid employment in Spain

ABSTRACT

Hoteliers have steadily been able to reduce costs and increase employees’ workload as a result of mass unemployment sparked by the financial crisis, beginning in 2008, and associated legislative reforms by the Spanish government. Outsourcing has been hotels’ main instrument in this drive. Hotel chambermaids are among the groups most affected by this phenomenon. This article analyses the impacts of outsourcing on hotel maids’ working conditions, while questioning the possibilities for achieving inclusive tourism given the current outsourcing trend. It is based on 44 in-depth interviews with a range of informants, including 24 hotel maids who have experienced the process of outsourcing, in major Spanish tourism destinations. This study aims to understand the changes these workers have experienced and perceived in their working conditions. The research results highlight a marked deterioration in hotel maids’ working conditions in recent years, most notably involving (a) a reduction in their salary and the loss of professional categories, (b) work overload, (c) greater uncertainty in the duration of employment, timetables and work schedule, (d) de-professionalisation, (e) segmentation, division and an increase in competition between hotel staff, (f) the accentuation of health problems and (g) a decrease in the capacity of representation and the defence of workers’ collective interests.     

布尔迪厄的文化资本理论在旅游规划中的应用

伴随着后现代主义的到来,以符号和影像为主的消费文化成为了社会消费的主导。因此,旅游业的发展与规划既需要满足消费需求,又要尊重消费文化。本文中我们试图从布迪厄的文化资本理论的三个方面:文化能力、文化产品、文化制度的角度分析旅游文化资本,希望以此推动旅游文化资本在旅游规划中的运用。     

Critical review of desalination in Spain: a resource for the future?

There have been significant territorial changes in the Spanish Mediterranean in the last few decades because of the important growth of residential tourism functions. The Spanish National Hydrological Plan ( 2001 ) and, to a greater extent, the Action for Management and Use of Water Programme ( 2004 ) advocated large‐scale desalination of seawater to guarantee a supply for urban, tourism, and even future agricultural demands. The paralysis of urban development planning caused by the financial crisis (2007/08), together with the downward trend in the consumption of drinking water in the last decade, highlighted a capacity to produce desalinated water that was far superior to actual needs. This study reviews the current context in which desalinated water is produced in Spain, weighs up the advantages and disadvantages of this method of water management, and considers the potential role that this non‐conventional source of water could play as a strategic resource in the future. The main findings of the study are that desalination is not a panacea; rather, it should be considered in terms of technological parameters tailored to the circumstances of each geographical and socioeconomic environment.     

Financialization and Global Commodity Chains: Distributional Implications for Cotton in Sub‐Saharan Africa

Restructuring of global and local markets has led to an increased influence of commodity derivatives markets on commodity price setting. This has critical implications for price risks experienced by actors along commodity chains. Commodity derivatives markets have undergone significant changes that have been referred to as the ‘financialization of commodities’, which we define as an increase in trading activity by financial investors and the reorientation of business strategies by commodity trading houses towards risk management and financial activities. This article assesses how these global financialization processes affect commodity producers in low‐income countries via the operational dynamics of global commodity chains and national market structures. It investigates how prices are set and transmitted and how risks are distributed and managed in the cotton sectors in Burkina Faso, Mozambique and Tanzania. It concludes that uneven exposure to price instability and access to price risk management have important distributional implications. Whilst international traders have the capacity to deal with price risks through hedging, in addition to expanding their profit possibilities through financial activities on derivatives markets, local actors in producing countries face the challenge of increased short‐termism — albeit to different extents depending on national market structures — with limited access to risk management.     

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.     

The Regulatory State and Turkish Banking Reforms in the Age of Post‐Washington Consensus

The new era of the Post‐Washington Consensus (PWC), promoted under the auspices of International Financial Institutions such as the International Monetary Fund and the World Bank, centres on the need to develop sound financial regulation and strong regulatory institutions, especially in the realm of banking and finance in post‐financial crisis developing countries. This article uses an examination of the Turkish banking sector experience with the PWC in the aftermath of the 2001 financial crisis to show its considerable strengths and weaknesses. The authors argue that the emergent regulatory state in the bank‐based financial system has a narrow focus on strengthening prudential regulation, whilst ignoring the increased ‘financialization’ of the Turkish economy. They identify the positive features of the new era of the PWC in terms of prudential regulation, which has become much more robust in its ability to withstand external shocks. At the same time, however, the article highlights some of the limitations of the new era which resemble the limitations of the PWC. These include the distributional impact of the regulatory reforms within the banking sector, and notably the emergence of foreign banks as the major beneficiaries of this process; weaknesses in promoting productive bank intermediation that finance the real economy and economic growth, leading to poverty reduction via growth of employment whilst stimulating financialization within the economy; and finally, the exclusive focus on prudential regulation, whilst ignoring regulatory costs, consumer protection and competition regulation.     

我国高档旅游宾馆空间分布特征与配置研究——以五星级宾馆为例

文章运用地理集中指数和洛仑兹曲线,分析了1997和2002年我国五星级宾馆的空间分布特征及其变化规律。并根据我国入境旅游业空间格局演变状况,借助二次项回归和等级相关性指数,探讨了五星级宾馆供给状况与我国入境旅游业发展的内在关联性,结论显示:我国五星级宾馆受入境旅游业影响明显,空间供给变化趋势与入境旅游业发展态势相似,北京、广东、上海三大入境口岸高档旅游饭店供给的绝对优势地位正在改变,初步形成东南沿海高供给带;最后,以各省区五星级宾馆数为基础,借助国际旅游外汇收入和入境旅游人数,建立了五星级宾馆建设的经济函数,为宾馆建设、化配置提供理论基础。     

国民休闲计划与旅游弹性消费——基于旅游应对危机的政策选择

国际金融危机对我国旅游业的冲击具有自身的阶段特性、传导路径和影响领域,在“突机破危”的特殊环境下,出现了从“大众旅游”向“国民休闲”的转变趋势,而国民休闲计划也随之成为旅游减危排危、扩大旅游弹性消费的有效途径。为此,必须充分认识国民休闲的消费约束,重点撬动四类旅游市场,扩大旅游弹性消费空间,并适时出台一系列有效的杠杆政策,以推动国民休闲计划的顺利实施。     

New rent seeking strategies in housing in Spain after the bubble burst

This paper analyses the new rent seeking strategies in housing implemented during Spain’s financial crisis. The Spanish Model presents a paradigmatic case of the need for capital to reinvent itself through the articulation of new mechanisms for the production and appropriation of urban rent, as the crisis revealed the limits of strategies that were implemented during the bubble period. Amongst these new strategies, the paper analyses the rescue of financial entities, the creation of a ‘bad bank’ and the establishment of Spanish REITs. These mechanisms are leading to financialisation of rental housing and the emergence of vulture funds as new transnational owners of housing.     

Narratives of success and portraits of misery: Football,national identities,and economic crisis in Spain (2008–2012)

ABSTRACT

This article explores the propagation of national narratives through football in both the Spanish and the European media in the period 2008–2012. The Spanish national team's victories in the 2008 and 2012 Euros and the 2010 World Cup resulted in the consolidation of a domestic “narrative of success” that depicted Spain as a flourishing, modern European country. Yet as the economic crisis increased, Spanish governments, mass media, and corporations promoted this narrative of success as a “compensation mechanism,” aiming at making up for the country's dire financial situation. In the European media, the initially benign portrait of Spaniards was gradually transformed into a new representation that depicted Iberians as slackers and scroungers of European Union funds. The article shows the re-emergence of derogatory stereotypes as a manner of making Spaniards scapegoats for the economic crisis, while reinforcing nationalist narratives among Europeans.     

San Juan,the Fragile City: Finance Capital,Class, and the Making of Puerto Rico's Economic Crisis

This paper narrates Puerto Rico's fiscal and financial crisis through a reading of San Juan's urban landscape. We underscore the role of capital in the city, primarily embodied by the local capitalist class (the Criollo bloc) and foreign capitalists. Historically excluded from the manufacturing sector (dominated by US capitalists), the Criollo bloc accumulates its wealth by concentrating financial assets in the city. In times of crisis, the Criollo bloc resorts to the acquisition of new assets and asset exchange with foreign capitalists to remain solvent and provide short‐term solutions to the state's fiscal and financial limits. The survival of the local capitalist class, we demonstrate, is dependent on asset stripping. Drawing on Clyde Woods, we document how asset stripping unevenly redistributes wealth and risks along class and racial lines within a colonial economy. The finance capital/asset stripping basis of San Juan's economy renders it an extremely fragile city, we contend.     

资本循环视角下的城市空间结构演变机制研究——以海珠区为例

资本是城市化的内生动力,基于大卫·哈维资本三循环理论,本文在对1949年以来中国宏观资本运动与空间发展关系演绎的基础上,以海珠区为实证研究对象,粗略展示了海珠区从初级循环工业吸纳国内资本,到90年代中后期全球资本推动初级循环与次级循环共同增量发展,再到2010年后初级循环资本减量,二、三级循环资本增量的过程,相伴经历从城郊工业点到中心“卧城”,再到生态型中央创新区的城市功能转变。最后强调在中国资本城市化后半程中,权力机构要注重利用比较优势,引导资本进入三级循环,调动城市发展主体积极性,提升城市品质与服务能力,平衡资本逐利本性与空间正义,促进空间可持续发展。     

How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors

The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate, these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors’ real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, that is, fictitious capital, creating an impetus for ‘objectified numbers’ to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as ‘just another asset class’, thereby increasing leverage and volatility. This paper not only shows how finance ‘financialized’ itself by adopting a quantitative investment perspective, but it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.     

论旅游危机的生命周期与后评价研究

为了全面认识突发事件及其对旅游发展的影响,界定了由突发事件引起的旅游危机,将其划分为背景外源型和区域内生型;提出了旅游危机生命周期的概念,将其从生成到解除划分为5个阶段;分析了相邻年比较法在危机评价中的不足,提出了基于本底趋势线的旅游危机后评价理论。最后,以陕西秦始皇兵马俑对3次旅游危机响应为例,建立了入境旅游、国内旅游和旅游收入3条本底趋势线,完成了对1989年北京6.4事件、1998年亚洲金融危机和2003年"非典"三个突发事件旅游危机的后评价研究,揭示了其客流量损失、旅游收入损失及冲击的时间表,为旅游危机后评价研究提供了案例。     

Following a ‘standstill’: An ethnographic approach to financialization

This article addresses Dubai's recent financial crisis, bringing an ethnographic approach to ‘financialization’. It does so by repurposing the financial concept of ‘standstill’. Focusing on the consequences of the Dubai government's infamous ‘standstill announcement’, in late 2009, it argues that unpacking the literal and figurative registers of this concept offers insights into the political economy and lived experiences of financial crises.     

Entrepreneurship dynamics and economic cycles: an analysis for local systems and industrial districts

ABSTRACT

We propose a research framework that expressly takes into account the moderating and differentiated influence that can be exerted on the dynamics of entrepreneurship capital by both the type of local system and the economic situation. Moreover, we investigate whether industrial districts are a more favourable context for the evolution of the entrepreneurship capital. We apply this framework to data of municipalities, grouped in local labour systems, of three Spanish regions and in two sub-periods of, respectively, crisis (2007–2011) and incipient recovery (2011–2014). Results are consistent with a set of sensible relations that can be extracted from the background literature.     

Hospitality workers and the relational spaces of labor (im)mobility

ABSTRACT

Building on the recent interest among labor geographers for workers’ ability to strategize around their mobility, and tourism researchers’ longstanding examination of mobile tourism workers, this paper explores the mobility agency of differently positioned hospitality workers. The findings suggest that workers are not always ‘strategic’ in relation to labor mobility, and that labor mobility and career paths must be recognized as fragmented, happenstance and erratic. Furthermore, this article argues for an approach to the study of mobile tourism workers that takes the relational as well as temporal aspects into account. This endeavor is in particular guided by the notion of stories-so-far and the understanding of people as both being and becoming. The empirical basis of this paper consists of 22 interviews with hospitality workers in four hotel workplaces in Sweden; the luxury city hotel, the suburban chain hotel, the city chain hotel and the seasonal hotel. Ultimately, I suggest that the multifaceted complex of considerations which workers negotiate, could be conceptualized as the relational spaces of labor (im)mobility.