A Farewell to Alms: A Brief Economic History of the World

Abstract

The reasons for the lack of communication between economists and econophysicists are clarified by giving an outline of the methodological differences between economics and econophysics, which has emerged as a new field of research over the last decade. Theorists working in econophysics see economic and financial phenomena through the ‘lens’ of statistical physics. So far, there has been no real dialogue between economists and econophysicists because both communities adhere to their own methodological precepts.     

Market Creation by Leninist Means: The Regulation of Financial Services in the People’s Republic of China

Abstract

Within the process of China’s transition from a centrally-administered to a more market-oriented economy, financial services have played a very special role, but in a counter-intuitive way: what looks like Western market economics turns out to be a Leninist regulatory model. Even as international financial service providers and regulatory communities are invited to play a role in the creation of a Chinese market in financial services, the Communist Party has strengthened its control of top personnel, the judiciary and the media. The reform of the central bank and the establishment of technically independent regulatory agencies seemed to have taken China down the path of OECD economies. The model of a very specific post-regulatory state with Chinese characteristics, however, has not fully incorporated the notion of private authority. Such an acceptance would pose a threat to the CCP monopoly on political power. The attempt to use only semi-private organisations to develop financial markets undermines the long-term stability of the political and economic order.     

Changing the way we do things: The impact of funding changes on heritage management and site interpretation in late twentieth-century England

Abstract

There is an underlying conflict in the management of historic sites and monuments in the UK between public interest and private property. Such conflict can be recognized in the genesis of the earliest legislation (the Ancient Monuments Protection Act of 1882). This tension remains important and the relative weights given to public and private interest might be seen as a barometer of wider political and economic conditions. This paper seeks to address changes in the funding of archaeology and heritage presentation during the period of the Conservative administration of 1979–97, when the economics of the free market were espoused with vigour in the UK. Funding of fieldwork shifted from direct grants from the central purse, to the support of job creation schemes and latterly to developer funding. Meanwhile heritage presentation has become more aggressively commercial, as English Heritage, the National Trust, the museums and private entrepreneurs seek to maximize financial return to underwrite the conservation and curation of historic places.     

The Economics of Gold

Abstract

From day to day or month to month, the price of gold can swing violently. But over much longer time spans, gold holds its real value rather well. This paradox is explored in this paper; it is explained by the notion that a well informed market should overreact to news about the fundamentals governing its long run value; and then, in the absence of further shocks, the price and stock of gold in use should tend to drift in opposite directions until the long run point of balance is attained. The paper also investigates other issues concerning gold, including the suggestion that paper currency should be backed by gold.     

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.     

THE PREHISTORY OF MR. ELI LILLY

Abstract

The disciplinary mythology of North American archaeology grudgingly acknowledges Eli Lilly’s financial support for research. At the same time it systematically devalues and even deletes his role as a productive scholar, the author of original works on the prehistory of Indiana, the creator of an effective archaeological seminar on the prehistory of Indiana and the Eastern United States, and the guiding force in the establishment of several enduring archaeological institutions. This paper documents the scholarly contributions of Eli Lilly. It shows how his mind and management skills were even more important to the development of archaeological research in the Midcontinent than was his financial support for many important archaeological research projects.     

Access to capital markets and the geography of productivity leaders and laggards

This paper examines whether access to the capital market of convertible and nonconvertible bonds affects total factor productivity (TFP) for the population of Italian joint stock manufacturing companies, based in highly segmented local financial markets, between 2007 and 2017. The hypothesis, well grounded in the literature, is that long-term capital favors investment in intangibles and other risky assets necessary for productivity growth. To identify this effect, we exploit the exogenous shock of the Italian banking deregulation of the mid-1990s as an instrument for firm-level access to capital, interacted with distance from logistic networks. These reforms changed the distribution of the type of branches at the local level, increasing the share of joint stock banks, which have high connections to international capital markets. This geographical reallocation of banking activities ultimately affected firms' financial structure, favouring their access to capital, even when based in peripheral financial areas. Firms which issued instruments of market debt achieved higher levels of productivity and a higher probability to reach top percentiles of productivity distribution.     

Modelling Uncertainties of Italian Code-Conforming Structures for the Purpose of Seismic Response Analysis

ABSTRACT

This paper describes the multivariate statistical model of the structure-related modelling uncertainty, developed with reference to reinforced concrete, masonry, steel, and seismically isolated buildings, within the framework of the RINTC project. The model describes the variability of material properties as well as the uncertainty associated with the adopted response models. Specific aspects of each structural typology are also discussed, with a focus on the statistical dependence of the random variables in the model. Finally, the paper describes also the efficient sampling procedure adopted. Effect of model uncertainty on response for each typology are discussed in the corresponding papers within this special issue dedicated to the RINTC project.     

Archaeology,Cultural Property,and the Military

Abstract

Poland's ‘silent revolution’ which led to the disintegration of the Communist regime in 1989 was inevitably reflected in the financial situation of archaeological research. Some well-established institutions which lost their secure government funding were disrupted or even destroyed.

Cuts in the numbers of research staff (by around 30%), the change of research priorities from purely problem-oriented studies towards rescue excavations and the introduction of the market mechanism (in the system of grants and short-term contracts) began a process of painful reorientation and restructuring.

The challenge posed by private enterprise, by a gigantic programme of highways construction and by the emergence of wealthy sponsors brought about changes in the mentality of Polish archaeologists, changes which took place under the influence of growing surveillance by society at large and by the communications media.

Notions of social responsibility, ethics, effectiveness and financial transparency should define this ‘new’ reality which has been taking shape under the pressure of daily problems. However, far from all working archaeologists are able to understand this challenge.     

Educational Innovation and the Market for Geographers in Hungary

This paper examines the status of geography in higher education in Hungary. Stress is placed on reforms begun in the 1990s to launch new curricula for training professional geographers. The authors played an important role in developing this new curriculum by introducing new subjects into geography programmes, working out the scope and sequence of courses, obtaining accreditation and carrying out market research for graduates. The project was motivated by a decline in demand for geography and geography teachers in secondary schools accompanied by an increase in demand for geographers trained to work in public administration, government and business. The graduates of the new professional geographer curriculum receive a practice-oriented education designed to cultivate their spatial problem solving and applied geographical skills. In this paper the authors present the steps in the curriculum reform and suggest that it may serve as a model for reform in a number of nearby countries planning to join the EU.     

Thinking Technologies: Poetry and Collage as Practice-Based Research

Abstract

The author’s book of poems Nitrate is evaluated as a model for a poetry that is a medium of research. The collection is positioned within Rachel Blau DuPlessis’ understanding of the essay form as involving ‘the play of speculation’ borne from curiosity and need — the need to examine opinions and contradictions and to interrogate cultural materials’. Nitrate explores the birth of cinema as a by-product of scientific exploration into the problem of understanding motion, and the specific significance of the French physiologist E. J. Marey and his chronophotography. The title reflects the importance of cellulose nitrate, introduced in 1889 and used until the 1950s as the — frighteningly flammable — basis of film stock. There is also discussion, accompanied by illustrations, of the visual collages produced in dialogue with the poems as part of the understanding of practice-based research.     

Editorial

Abstract

Global science will benefit from better 'international market places' in which potential participants in international scientific cooperation can gather, trade information, and do business, should they choose. Problems with projects such as particle accelerators and space stations underscore the timeliness of institutional innovation. Changes should occur in both non-governmental infrastructure, which brings together the people with the ideas, and intergovernmental mechanisms, which convene people who control financial resources. A major international commission on international institutions for cooperation in scientific research should be formed to assess needs and to propose and build support for more efficient, capable, and reliable mechanisms.     

Micro-level assessment of regional and local disaster impacts in tourist destinations

ABSTRACT

The tourism sector faces severe challenges due to the economic impacts from changing natural environments as seen with the increased frequency of natural disasters. Therefore, analyses of disaster impacts models are necessary for managing successful tourism recovery. Typically, disaster assessments are conducted on a countrywide level, which can lead to imbalanced recovery processes, and a distorted distribution of recovery financing or subsidies. We address the challenges of recovery using the tourism disaster management framework by Faulkner. To calculate precise damage assessments, we develop a micro-level assessment model to analyze and understand disaster impacts at the micro-level supporting tourism recovery in an affected destination. We examine economic consequences of a disaster at a small regional scale arguing recovery from a natural disaster is more difficult in individual areas because of differences in geographic location or infrastructure development. The island of Dominica is chosen as an example for the model using statistical data from the tourism sector to outline and detail the consequences of a disaster specifically for communities. The results highlight the importance of damage assessments on a small-scale level, such as communities in order to distinguish between individual regions facing severe changes for resident livelihoods and the local tourism sector. We argue that only after identifying regional impacts it is possible to apply adequate governmental subsidies and development strategies for a country's tourism sector and residents in a continuously changing environment in the hopes of mitigating future financial losses and future climate change impacts.     

Linking Research and Teaching: A staff‐student interview project

This paper describes a project used in the first-year curriculum that requires students to interview a member of staff about their research as a possible model to link research and teaching in the university. Through a critical evaluation, which draws upon responses canvassed from students and staff, the value of the project is assessed and its scope for application within other institutions suggested.     

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.     

Enclavic tourism spaces: territorialization and bordering in tourism destination development and planning

ABSTRACT

Enclave tourism is a growing field of research. In general, tourism enclaves are seen as products of global capitalism and a non-locally-driven neoliberal market economy. Enclaves also manifest certain kinds of tourism planning and development modes in destination societies. The enclaves are exclusively planned spaces that usually contain the vast majority of facilities and services needed for tourists who have limited possibilities or desire to leave the enclave. At the same time, the locals' access to these spaces can be limited or otherwise controlled. Therefore, there are always power issues and processes of inequalities and uneven development involved, which calls for a further understanding of enclaves and their evolution and governance in tourism planning and development. This paper aims to discuss and synthesize the conceptual idea of enclaves in tourism and get an overview of some of the key theoretical perspectives on how enclavic spaces are produced, bordered, and governed in contemporary tourism planning and development. It is concluded that in critical situations the enclave tourism spaces with all-inclusive products can turn out to be all-exclusive for local communities in development. To understand the nature and development of enclave tourism and to guide their transformation in more sustainable directions, further research on policy and governance aspects of enclave tourism is needed.     

The role of the internet in removing the ‘shackles of the saleroom’: Anytime,anyplace, anything,anywhere

Abstract

The alliance of the internet with the antiquities industry has seen the market grow at an unprecedented rate. E-commerce has facilitated an increase in flexibility and access to the market, which has encouraged an influx of new people to the trade. Anyone can now buy and sell antiquities.

The expansion and extension of the market has created new threats to our cultural heritage. Indeed, my research suggests that this has had a significant impact on the organisation, extent and intensity of site destruction. Furthermore, the increased demand for artefacts has led to the proliferation of fakes, increasingly obvious with the widely circulated images on the world wide web. Consequently we are faced with a progressively more confused and fragmentary archaeological record, challenging efforts to piece together the past.

All assessments of the future must accept that the e-market is vast, that it remains largely unsupervised, and that it is impossible to police. Evidence suggests that the illicit trade is filtering into the cyber-sphere, which provides an ideal means of placing material onto the market quickly and quietly. The extent of this unwelcome development is unknown and remains difficult to assess. What is certain is that action needs to be taken if the ‘Age of Technology’ is not to consume the present as well as the past.     

Evaluation of the Work-Place Cooperative Project in Geography Degrees at the University of Leeds

ABSTRACT

This paper describes the context and objective of a Work-Place Cooperative Project (WPCP) established in the School of Geography at the University of Leeds in 1995. The project, in part a response to the changing graduate and employment market in the early 1990s, presents students with issues with a geographical dimension from business, commerce, industry and environmental research. A number of examples from the WPCP are presented.