Global finance and the German model: German corporations, market incentives, and the management of employer-sponsored pension institutions

Where there was a settled political geography of state power and responsibilities, the remarkable growth of global finance has put enormous pressure on national economic, political and social institutions. Furthermore, the looming crisis facing many continental European social security systems has raised many doubts about the long-term viability of the German model compared to its Anglo-American rivals. In this context, large German corporations have sought ways of sustaining their global competitiveness by, in part, restructuring their national and regional commitments. To illustrate, in this paper we concentrate on the nature and organization of German employer-sponsored pension institutions in relation to Anglo-American management practice. Two issues drive the analysis. One has to do with an emerging coalition between corporate management and shareholders with respect to the market value of the firm. The second issue has to do with the allocation of risk and uncertainty between the social partners when negotiating the financing and final value of promised retirement income. The institutional framework of collective decision-making common to many of Germany's largest firms is under pressure; three models of investment decision making relevant to pension assets and liabilities are used to illustrate this point. In doing so, we suggest that the German model is more fragile than commonly realized. We also suggest that Anglo-American management practices have penetrated and affected German corporate (national and regional) institutions and regulations. The social market lauded by advocates of stakeholder capitalism is changing rapidly, at least in the sphere of large firms and global finance.     

From a Geography of Labor to a Labor Geography: Labor's Spatial Fix and theGeography of Capitalism

Mainstream neoclassical economic geography and its Marxist critique have largely failed to incorporate active conceptions of working class people in their explanations of the location of economic activities. Neoclassical approaches tend to conceive of workers simply as factors of location, whereas Marxist approaches primarily focus on how capital structures the economic landscape in its search for profit and frequently relegate labor to the status of "variable capital." Both approaches present Geographies of Labor. They have not really examined how workers try to make industrial landscapes. In contrast, I argue that workers have an interest in how the economic geography of capitalism is made; consequently, they seek to impose what we might call "labor's spatial fix" and so play an active role in the unevenly developed geography of capitalism. Examining how workers try to develop their own spatial fixes allows us to incorporate a more active sense of workers as geographical agents into understandings of the production of space under capitalism. Recognizing that workers' efforts to create "labor's spatial fix" are significant allows us to theorize how workers attempt to make space as an integral part of their social existence (a Labor Geography ) and so to write less capital-oriented economic geographies.     

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.     

重申全球化时代的空间观:后现代地理学的理论与实践

"空间"是人文地理学研究的核心概念。全球化时代,空间概念的内涵与外延都发生了重要变化。本文通过重述后现代主义哲学、当代城市与区域空间重构的社会实践、当代人文地理学前沿理论三者之间相互印证的理念与事实,重申全球化时代的空间观为空间与社会辨证统一的后现代空间观,并阐述了其对当代人文地理学研究的重要意义。     

Envisioning Capitalism: Geography and the Renewal of Marxian Political Economy

This paper offers a reinterpretation of what critical theorist Moishe Postone calls 'the fundamental core of capitalism'. In so doing, it seeks to lay a set of theoretical foundations for a renewed Marxian political economy in geography, at a time when Marxism has been eclipsed as a leading critical paradigm within the discipline. The argument works on two fronts simultaneously. On the one hand, the ongoing hegemony of economic and political neo-conservatism is occluding the violent realities of a capitalist world economy behind the anodyne logics of free-market theory. These realities suggest the continued relevance of, and need for, a strong Marxian critique of political economy. But on the other hand, Marxism has been reprimanded by its erstwhile allies on the Left of geography for being too 'modern' and too capital- and class-centred. In light of this double challenge, the paper seeks to develop a 'both/and' Marxism for geography that can chart a third way between the antinomies of modern and after-modern modes of theorizing capitalism and class. A project of 'envisioning capitalism' is suggested on this basis, which combines the 'power' of modern theory with the epistemological reflexivity of after-modern theory. At the same time, capitalism and class are rethought at an ontological level and shown still to be essential features of the fin-de-millennium world, but far less closed and hegemonic than is suggested by modern modes of Marxism. Finally, a return to a class politics of redistribution is suggested, but in a way that draws in more recent Left geographical concerns with identity, difference and recognition.     

Cultures of Economies: Gender and socio-spatial change in Nepal

This article contributes to ongoing debates animating geography today about the boundaries between 'economy' and 'culture' and their implication for policy planning. It explores the mutual embeddedness of culture and economy through an ethnographic analysis of the interrelationships between spatial practices, economic strategies and gendered symbols of status in Nepal. The fine-grained ethnographic analysis presented here is intended specifically to challenge 'best practice' approaches accompanying the recent 'discoveries' within economic geography about the significance of culture in determining and promoting regional competitiveness and in presenting alternatives to capitalism. The article draws particularly on the practice theory of Pierre Bourdieu to reveal how local 'economics of practice' in Nepal establish and maintain gendered ideologies that structure material opportunities differentially for men and women. Feminist geography, meanwhile, contributes a spatial dimension to practice theories, important for understanding the relationship between individual consciousness, action, and social change. Throughout, the article reflects on the implications of processes of cultural production considered here for the epistemological frames within which development takes place.     

Strengthening the Foundations? Alternative Institutions for Finance and Development

The 21st century has ushered in the emergence of alternative institutions for liquidity provision and development finance, many of which are Southern‐led. The special issue that follows this Introduction assesses the extent to which existing theoretical perspectives and tools are sufficient for evaluating the implications of these alternatives for the global financial architecture. Our analysis finds that while an increasingly varied landscape of diverse institutions designed to foster financial stability and development comes with inherent risks, these new forms of finance bring real benefits to an architecture that has long been deemed insufficient. Larger and more capable Southern‐led institutions not only mean additional sources of financing for emerging market and developing countries, but also could increase their voice in an international financial architecture long dominated by the most advanced economies. That said, the variation in the landscape could create inequities and fault lines between new and existing institutions, which will be difficult to overcome through the coordination of a fragmented and diverse system. Finally, despite the increases in capital for liquidity provision and development made available by these new institutions, significantly more financing and coordination will be needed to achieve financial stability and economic development on a global scale.     

Sign Geography

Signs are significant elements of cultural landscapes throughout the world. Through their form and content, signs reveal a variety of information about places ranging from locational and physical geographic data through social, economic and political characteristics. Signs, which tell of past events, current conditions and future expectations, are landscape notes on the geography of change. Signs are frequently evidence of cultural diffusion and convergence. Many signs give direction to human activity and symbolize societal quest for order. Others reflect tastes, values and attitudes, in concert with prevailing belief systems. Signs are both cultural phenomena and landscape statements that attest to the way of life in a place.     

Market Rules and Spatial Outcomes: Insights from the Corporate Restructuring of U.S. Food Retailing

In this paper a study of the corporate restructuring of the U.S. food retail industry, during and following the period of regulatory relaxation and high-leverage capital transformations of the 1980s, is used to interrogate the complex relationships between market regulation, investment regimes, corporate strategies, and spatial outcomes. It is shown that changes in the “rules” governing investment and competition in the United States in the 1980s triggered countervailing spatial processes in the food retail industry. Those processes took more than a decade to work themselves through, but by the late 1990s a radically altered corporate landscape was beginning to emerge. In particular, consolidation of the industry had finally gained momentum–creating an industry whose leading firms are likely by 2002 to have a market share double the level of the early 1990s. The paper concludes by considering the insights which a consideration of corporate restructuring and regulation in this U.S. industry offers for some important areas of conceptual debate in economic geography. In particular, it is argued that industries in which capital structure transformations of the firm must be confronted and treated as a central issue have an intrinsic, but until recently neglected, importance in theoretical debate in the discipline.     

Dancing to the Rhythms of the Fossil Fuel Landscape: Landscape Inertia and the Temporal Limits to Market‐Based Climate Policy

This article makes a contribution to the critique of market‐based mechanisms for climate and energy policy. It explores the environmental effectiveness of market instruments by engaging a broadly conceived “fossil fuel landscape”, or the material, social, and political inertia of fossil energy dependence, as a factor delimiting policy outcomes. The argument is developed through a focus on the idea of economic efficiency as a key ideological construct underlying market‐based policy, and draws on examples from two different market instruments, namely the EU Emissions Trading Scheme, and the Flemish tradable green certificate scheme. I argue that an understanding of the shortcomings of these, and similar, policies requires acknowledgment of the political and socio‐economic power that emanates from the temporal dynamics of fossil fuel capitalism, which are reproduced when economic efficiency becomes the key focus of climate policy.     

新文化地理学视角下的文化景观研究进展

论文梳理近三十年英美新文化地理学有关文化景观的研究脉络,介绍文化、意义和表征等基本概念。按哲学基础将其分为社会马克思主义影响下的景观面纱、生产研究,语言学影响下的景观文本研究,知识建构论的景观作为梭子,女性主义影响下的景观作为凝视,以及景观想象与身份问题研究。多元化的哲学基础和研究方法开拓了研究视野,也促进了人文地理学研究范式的转变。     

国外金融地理:地理学和经济学研究对比

金融地理学的研究日益受到关注,其中地理学和经济学领域的学者参与最多。但不同的学科渊源和研究传统,使两者在研究领域、研究方法方面各有特点,差异明显。自理论渊源看,地理学的研究始于20世纪70年代的马克思主义地理学,而经济学的研究可追溯到古典区位论和循环累积因果论。地理学的研究,注重探讨区位和地方对金融交易和金融运行的影响,受政治经济学传统和文化转向的影响,特别关注金融系统发展的不平等效应和金融空间中的社会、文化因素;经济学研究主要致力于探讨货币和金融系统对区域发展影响的非中性,特别关注地理距离对信用获得的影响。地理学的研究定性研究较多,并擅长借鉴其他学科的理论和方法;经济学的研究专注简化,以计量分析为主。新出现的金融化经济体系或金融主导的增长体系迫切需要经济地理学开展研究。相互借鉴和整合可推动金融地理学的发展。     

“全球的地方感”理论述评与广州案例解读

关于地方文化意义的研究在西方人文地理学研究中占据着重要的地位.全球化背景下,地方的意义正在被全球性力量中和与消解.在这种断裂之下,原有的对于“地方性”的想象反而在认同形成的过程中被不断加强.本土社会力图在一个“时空压缩”的“超空间”时代中,保存其自身基于地方意义的身份认同.哈维认为,一切基于地方意义形成的认同都是反动与禁锢的.他提出,应从资本运作的角度出发,理解地方差异的形成,从而理解地方建构中的社会关系与权力关系的建构.但马西则在批判哈维理论的基础上提出了全球(进步)的地方感理论,指出应从多样的社会建构出发,理解地方性的形成过程.马西认为,地方的本质特点包括:开放以及与外界密切的社会联系;地方本身是一个过程,认同在不断的再建构过程中;地方内部具有其认同的多样性;进步的地方感并不否认地方性的存在等.基于马西的进步地方感理论,研究通过对广州关于移民以及粤语传承问题讨论中出现的话语进行的文本分析,指出广州本地社会在上述讨论的过程中,其少部分话语已经呈现出进步地方感所批判的禁锢性,因此需要在重新认识地方的过程中加以修正.     

Economic Globalization and Institutions of Global Governance

Economic globalization is reducing the significance of state boundaries. We have a global economy but lack the institutions necessary for a global polity. Unilateral action by a would–be hegemon is untenable in the long term and hence there is a need to discuss our institutions of global governance. The benefits and costs of globalization have been distributed asymmetrically, placing poor people in poor countries at a disadvantage, especially as regards the free movement of low–skilled labour and the creation of intellectual property rights. The World Trade Organization, a target of the critics of globalization, should be seen as a welcome extension of the rule of law to the international arena and a counterweight to unilateralism. More generally, global economic liberalism should be balanced by institutions which provide global public goods and international mechanisms to finance them. All of this implies a further weakening of state sovereignty and a need to ensure that global institutions are democratic and can be held accountable to people worldwide for their performance.     

Teaching (Political) Economic Geography: Some Personal Reflections

Teaching economic geography is not a matter of replicating textbook models. It requires engagement with the ever-changing global economy, which often puts the lie to existing theory. It demands that the teacher break down the economy into its major parts, in a way that students can grasp. This does not mean abandoning theory; on the contrary, it means getting beyond static exchange models to grasp the dynamics of commodity systems, divisions of labour, technology and capital flows. To this, add how geography matters to the way economies work. And always maintain a critical stance toward the world and toward received wisdom.     

Thinking about the World Bank’s “accordion” geography of financial globalization

Two “flagship” World Bank reports, entitled The Long March—A Reform Agenda for Latin America and the Caribbean In The Next Decade (1997) and the World Development Report, 1999–2000 (2000), are the subject of this paper. Both publications attempt to come to terms with the policy and practice of structural adjustment in the context of a new geography of global finance. This paper argues that the geographical imagination employed in both World Bank reports is the product of a dominant statist geographical imagination that struggles to explain contemporary developments in the geography of money. The paper starts with a brief discussion of the Mexican peso and debt crisis, and the World Bank’s practice of structural adjustment. Through an interrogation of both World Bank papers, thought is then given to the purchase of territorialized state-based mappings of the global economy. The paper wraps up with a brief conclusion concerning the explanatory salience of scale.

Internationally mobile capital is here to stay. Growing trade links, new communication technologies, and increasingly sophisticated financial products are making national borders more porous to financial flows. The challenge facing policymakers in developing countries is how to navigate through this financially integrating world (World Development Report 1999-2000, 2000: 85).

[W]hereas the horizons of the world of money and finance are global and deterritorialized, the political imagination seems wedded to territorialism and the borders of the nation state (Leyshon &Thrift, 1997: 290).

     

城市语言景观研究进展及展望

语言景观是城市景观的重要组成部分,同时也是重要的人文地理表征。新世纪以来语言景观日益引起语言学家和地理学家的关注和重视。1997年西方社会语言学家首先提出了语言景观(linguistic landscape)定义,21世纪以来涌现出大量城市语言景观研究成果;国内语言景观主要集中在城镇书法景观的地理学研究,主要包括书法景观与城镇景观的关系、书法景观的空间属性、书法景观的人地关系等。论文从三个方面对城市语言景观进行了评述。最后从语言地理学视角,对未来城市语言景观重要研究内容进行了展望,认为城市语言景观将可能成为语言地理学深入研究的有效途径和新方向,尤其是在城市象征空间塑造及其地方建构中语言景观研究将大有作为。     

The Revolutionary Imperative

Abstract: In the last three decades in the advanced capitalist world, the idea of revolution has largely slipped from political view. The neoliberal moment seemed to smother any political possibility other than capitalism, but with that historical phase now itself fading, it may be a good time to revive the idea of revolution if for no other reason than that revolutions do happen. Certainly, the political right is concerned about the possibility of revolts resulting from the social privation resulting, in turn, from the global economic crisis. This essay attempts to explore and reanimate the notion of revolution, both historically and in the present context.     

跨国公司地方嵌入新视角:基于地方劳工市场的研究进展与理论思考

20世纪90年代以来,跨国公司地方嵌入研究相对聚焦于资本密集型或技术密集型企业,而需要大量非熟练工人的劳动密集型跨国企业并未引起足够关注,建立在产业联系、技术外溢、社会网络等核心概念基础上的跨国公司地方嵌入分析框架很显然不能很好地解释劳动密集型跨国公司地方嵌入的理论与实践问题。在劳工地理学、新经济地理学等学科背景下,基于全球生产网络、关系嵌入、空间修复等核心概念,研究分别从劳工能动性的空间尺度、跨国公司地方嵌入的劳工要素、劳工管控对跨国公司的地方嵌入、区域劳工景观的空间修复等视角出发,系统梳理相关研究进展并提出未来主要研究议题,包括如何识别劳工供需因素对跨国公司地方嵌入的影响机制,如何剖析特殊劳工管控体制下劳工空间实践与能动性的关系,如何刻画跨国公司地方嵌入对区域劳工经济地理景观的影响,如何总结跨国公司地方嵌入与区域发展的战略耦合模式等。