20世纪50年代基本建设投资的前提和结构

20世纪50年代,我国内地基本建设投资的前提是:生产力水平低下,人均产值低;资金紧缺,但资产相对集中;西方国家对我国实行经济封锁;我国确立了优先发展重工业的工业化方针.通过对我国经济建设投资的产业结构、区域布局、项目结构、主体结构的分析,我们可以得到几点启示:投资管理体制的变化要适应生产力发展的要求;建设规模不能超过国力许可的范围,急于求成必将适得其反;综合平衡应从短线出发.     

光影中的民族认同--海外华侨与早期中国电影的发展与传播

论文考察了归国华侨与早期中国电影业发展的密切联系和华侨在中国电影海外传播中的积极作用。在近代中国国产电影的发展历程中,华侨在技术、设备、人才等方面发挥着重要的先导作用。一方面,在中国电影的起步阶段,一批海外华侨回国创办电影公司或投资参与电影制作,推动了中国早期电影的发展。另一方面,侨居海外的华侨亦在当地积极支持国产电影,建立了国产电影的发行放映体系、拍摄突出中国文化的华语电影。民族认同让海外华侨积极推动早期中国电影的发展,使中国电影不断壮大,而国产电影的传播又进一步增强了海外华侨的民族认同感。     

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。     

东南亚华人企业融资模式初探

本文认为东南亚华人企业的融资模式是一种严重依赖于商业银行贷款和存在大量关系型融资的间接融资模式。形成这种融资模式最重要的两个因素 ,一是东南亚各国的间接融资体制 ,二是华人企业本身的家族治理结构。金融危机后的华人企业将会逐渐减少关系型融资、增加直接融资 ,以使其融资模式更加合理。     

A Brave New World,or the Same Old Story with New Characters?

Capitalism has always been a global system, but not in fixed ways. Different national powers have emerged and become dominant over the centuries, but the fundamental processes underlying the uneven development of global capitalism have not altered; they continue to be driven by imperialism — the struggle of large capital over economic territory of various kinds. Since the late 1960s, only the East Asian region has shown notable increases in its share of global GDP, and for the last two decades this has been dominated by the rise of China. This is directly related to the ability of the Chinese state to control the economy and to implement heterodox policies with very high investment rates. However, the Chinese case is exceptional: few other developing countries have followed a trajectory anything like that of China. Meanwhile, internal inequalities have increased across the world, as the bargaining power of capital vis‐à‐vis labour has increased dramatically in every country. This reflects the changed form of 21^st century imperialism, which relies increasingly on the international legal and regulatory architecture as fortified by various multilateral, plurilateral and bilateral agreements that establish the hegemony of global capital in different ways.     

THE DEBT/TAX CHOICE IN THE FINANCING OF STATE AND LOCAL CAPITAL EXPENDITURES*

ABSTRACT. State and local governments commonly finance investment in public capital by issuing bonds and by using current revenues. This paper presents a model of state and local governments' reliance on borrowing in which the optimal share of debt in the financing of capital investment depends on the relative costs of tax and debt finance. Equations are derived and estimated for spending on public capital and the share of debt in the financing of that spending. The results reveal that the level of private incomes plays an important role in both the capital investment and financial decisions of the jurisdiction. Even after controlling for Sunbelt-Snowbelt differences in incomes, grants, outstanding debt and certain demographic factors, the results indicate that state and local governments located in the Snowbelt rely more heavily on bond issues to finance capital investment. Finally, the estimated invariance of the level of state and local capital investment to the share of debt in the financing of the investment suggests that investment decisions are not greatly affected by factors influencing the willingness to issue bonds.     

重新认识金融资本形成和资本输出的时间

本文批评了把商业资本主义、工业资本主义和金融资本主义作为资本主义发展循序渐进的三个阶段而不是资本主义三种形态的错误认识。通过翔实的经济史资料,本文说明随着欧洲大规模跨国商业和早期银行家的出现,金融资本和资本投资就随之出现。在近代资本主义的扩张中,资本输出很早就已开始,在英国,早在19世纪20年代,资本输出额就超过了商品输出额。     

Economic statecraft in China's new overseas special economic zones: soft power,business or resource security?

China's rapidly growing economic engagement with other developing countries has aroused intense debates, but these debates have often generated more heat than light. The Chinese government is clearly pushing its companies to move offshore in greater numbers, and state‐owned firms figure prominently in many of the major investments abroad. Yet relatively little research exists on when, how and why the Chinese government intervenes in the overseas economic activities of its firms. China's state‐sponsored economic diplomacy in other developing countries could play three major strategic roles: strengthening resource security, enhancing political relationships and soft power, and boosting commercial opportunities for national firms. This article examines China's programme to establish overseas special economic zones as one tool of Beijing's economic statecraft. It traces the process by which they were established and implemented, and investigates the characteristics of the 19 zones initially selected in a competitive tender process. The article concludes that even in countries rich in natural resources, the overseas zones were overwhelmingly positioned as commercial projects. Particularly in the Asian zones, China is following in the footsteps of Japan. The zone programme, and the Chinese foreign investment it hoped to foster, represents a clear case of the international projection of China's developmental state. However, in Africa (but not generally elsewhere) discourse surrounding the zones publicly positions them as a transfer of China's own development success, thus potentially enhancing China's political relationships and soft power on the continent.     

Introduction: Financialisation and Development in Asia under Late Capitalism

Abstract

Multilateral development agencies have increasingly focused attention on underdeveloped countries in Asia as potential new sites for financial capital. Often referred to as “emerging markets”, these economies are seen as ripe for private sector investment and, at the same time, in need of foreign capital to support rapid industrialisation, modernisation and poverty reduction. For development agencies, this confluence of interests suggests a means for quickly closing the “development gap”, primarily through mobilising techno-managerial modalities designed to reduce barriers to capital entry and other institutional inefficiencies seen as inimical to investment. Thus development agencies now encourage the construction of “enabling environments” to support “market driven development” through processes of “financialisation”. Development, in this sense, is no longer state-led or state-centred, but rather financially driven and privately procured.

As we highlight in this special issue, however, financialised modes of development are highly contested and problematic. Indeed, the diffusion into the underdeveloped world of essentially developed world financialisation agendas that seek to instil a broad-based market rationalism that downloads new costs and risks to populations is of significant concern. This Introduction sets in context and introduces a much needed set of articles that bring clarity to financialisation in developing Asia and its implications for development as a process of substantively improving material conditions.     

Sovereign wealth funds and national security: the Great Tradeoff

One of the most striking financial developments in recent years is the emergence of sovereign wealth funds (SWFs)—large publicly owned investment portfolios, which are growing rapidly in both number and size. In a global environment already roiled by a prolonged credit crisis, SWFs raise tricky and potentially controversial new questions for international financial regulation. One issue of concern to many in host countries is the possibility that some SWFs might be used for overt or tacit political purposes, posing a challenge for global monetary governance: a Great Tradeoff between the world community's collective interest in sustaining the openness of capital markets and the legitimate national security concerns of individual host countries. Can some balance between the two be found that will be both stable and acceptable to all concerned? Individually as well as collectively, recipient countries have begun to address the regulatory challenge directly. To date, however, accomplishments have been slight and have failed to stem a noticeable drift towards financial protectionism. A review of some recent proposals suggests that there is no foolproof solution to the Great Tradeoff. But the potential for controversy could be significantly reduced by a negotiated agreement among host governments addressing three key issues: definitions, risk assessment and dispute resolution. The most logical venue for such an exercise would be the OECD, building on its already extensive experience with international investment issues.     

Introduction: Reconsidering Futurism

The financial crisis hit Italy harder than many other Eurozone countries. In part this was due to the fact that the crisis came upon a system that was weakened by years of sub-par economic growth. One of the several endogenous factors that explain the stagnation of the Italian economy is the weak corporate governance in the industrial sector and parts of the financial one. A framework that was designed to maintain stability in the ownership of companies and of certain types of banking institution ultimately led to an inefficient allocation of capital and to a lack of investment, which contributed to the loss of competitiveness of Italian firms in a fast globalizing marketplace.     

Internationalisation of the Chinese subnational state and capital: the case of Yunnan and the Greater Mekong Subregion

This article examines the participation of China's Yunnan Province in the Greater Mekong Subregion (GMS) in order to understand the dynamics behind the regionalisation and internationalisation strategies adopted by a Chinese subnational state. It argues that the Yunnan case demonstrates the outflow of state capital—both national and provincially based—to have been instrumental in harnessing Beijing's and Kunming's political support for programs of subregional economic cooperation. This political support has led to a state capital alliance underpinning the economic expansion of provincial state capital into the GMS. It also argues that subregional governance arrangements, such as those featuring in the GMS, embed the competitive advantage of state capital through new forms of extra-territorial governance that ostensibly de-emphasises the political dimensions of state capital. The internationalisation of Yunnan subnational state is reflected in its political strategy of subregional governance. These changes point to complex rescaling of not just national state but also subnational states in Asia that find expression in variegated regional and subregional political projects.     

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.     

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.     

Engineering professors as entrepreneurs: the case of Franz Reuleaux (1829–1905) and Alois Riedler (1850–1936)

Abstract

Franz Reuleaux and Alois Riedler were probably the best known professors of mechanical engineering in late nineteenth century Germany. The country was becoming one of the world’s leading industrial countries, and Reuleaux and Riedler tried to contribute to this process. They obtained patents, founded their own companies, invested in both already existing and newly erected firms, and worked as consultants. In doing so, Reuleaux lost nearly all his capital while Riedler became a millionaire. In this paper, I use the story of these two academics as cases for examining the following questions on academic entrepreneurship: What kind of commercial activities did these professors perform? What were the conflicts between the professors and the state bureaucracy on the one hand and industry on the other hand? What were the reasons for their success and failure? The case studies on Reuleaux and Riedler are based on printed and archival sources.     

Going West and Going Out: discourses,migrants, and models in Chinese development

Abstract

In 1999 China announced the launching of the Open up the West campaign, sometimes called “Going West,” to help western China finally catch up to the much wealthier eastern, coastal areas after several decades of lagging behind. The same year, China also announced a “Going Out” strategy to encourage Chinese investment abroad. The 15 years since then have witnessed dramatic Chinese government investment in various development activities in western regions of China, as well as around the world. Though rarely considered together, we argue that there are significant parallels in development discourse, the centrality of physical infrastructure, the characteristics of Chinese labor migration and the nature of migrant-local relations, and the application of “models from elsewhere” in Going West and Going Out. Considering these parallels can help shed light on Chinese development discourse and practice, as China becomes increasingly important in the field of development once dominated by Western countries. Finally, we also consider direct connections and convergences between the two strategies in China’s neighboring countries of Asia and in the One Belt One Road initiative.     

The Suburb as a Space of Capital Accumulation: The Development of New Towns in Shanghai,China

Drawing attention to the governing role of capital accumulation and its interaction with the state, this study examines the dynamics of the new wave of suburbanization in China, which is characterized by the development of new towns. New towns essentially function as a spatial fix in China's contemporary accumulation regime. Rather than resulting from capital switching from the primary to the secondary circuits, new towns help to collect funds for the leverage of industrial capital and thus simultaneously sustain both circuits. Meanwhile, the development of new towns is also a process of territorial development, in which municipal governments expand the space of accumulation under strengthened fiscal and land controls and develop a metropolitan structure. Underlying the specific form and dynamics, however, is the worldwide trend of capital switching from declining manufacturing industries in developed countries to the new investment frontier in developing countries.     

外资流动的动力学研究——以广东省为例

资本流动受推力、引力和阻力作用,在空间上先向中心城市和交通干线集聚,然后沿城市体系和交通干线作"蛙跳"式、点线式推进,最后向乡村面状扩散。资本流动对流入地区产生正负两方面的影响。投资环境建设和引资工作应针对不同阶段资本流动的特点和驱动因素,采取相应的政策,调控外资流动,减少负面影响,使利用结构合理化。     

University–Industry Knowledge Transfer and Network Patterns in Romania: Does Knowledge Supply Fit SMEs' Regional Profiles?

Universities' potential to contribute to regional value creation has been extensively discussed so far and significant literature has been devoted to celebrated cases in highly industrialized and developed countries. Assuming that it would be misleading to generalize from “exceptional” cases, some authors have focused their attention specifically on the influence of universities in less developed areas regions and countries, where university–industry relations are far from being a Triple Helix. This paper focuses on the mechanisms of university–industry knowledge transfer (KT) in Romania, a post-communist country with relatively weak regional innovation performances, except for the capital region Bucharest-Ilfov. The purpose of the study is to construct an index to compare university–industry KT across the eight Romanian regions. Data to be aggregated are collected from 90 Romanian higher education institutions and refer to their KT potential in terms of human, financial and relational inputs, outputs and outcomes (patent applications, new products and services, spin-offs and commercial income). Finally, universities' regional KT performances are compared to small and medium enterprises territorial patterns and issuing policy implications are discussed.     

Extracting sovereignty: Capital, territory, and gold mining in Tanzania

In contemporary discussions of “resource nationalism,” sovereignty is often imagined as the exclusive control of national states over internal resources in opposition to external foreign capital. In this paper, we seek to draw attention to the specifically national territorial forms of sovereignty that - rather than hindering the flow of capital - become constitutive to the accumulation of resource wealth by states and capital alike. Drawing from political geographical theorizations of sovereignty, we argue that resource sovereignty cannot be territorially circumscribed within national space and institutionally circumscribed within the state apparatus. Rather, sovereignty must be understood in relational terms to take into account the global geography of non-state actors that shape access to and control over natural resources. Specifically, we engage national-scale state sovereignty over subterranean mineral resources in the form of legal property regimes and examine the mutually constitutive set of interdependencies between mining capital and landlord states in the accumulation of resource wealth. Using Tanzania as a case study, we argue that national-scale ownership of subterranean mineral resources has been critical to attracting global flows of mining capital from colonial to contemporary times. We first examine the history of the colonial state in Tanganyika to illustrate how land and mineral rights were adjudicated through the power of the colonial state with the hopes of attracting foreign capital investment in the mining sector. We then examine contemporary efforts on the part of the independent United Republic of Tanzania to again enact legislation meant to attract foreign mining companies - and the consequences for local populations living near sites of extraction.