After the Nicaraguan Non‐Payment Crisis: Alternatives to Microfinance Narcissism

This article argues against ‘microfinance narcissism’ and calls for a re‐politicization of the microfinance paradigm. The dominant verdict on microcredit has undergone a damning transformation, from ‘magic bullet for poverty reduction’ to ‘cause of suicide’. Nowadays, both radical critics and mainstream voices deplore microcredit's negative impact on micro‐entrepreneurs. They argue for a reorientation where credit is targeted at established small and medium‐sized enterprises, particularly in rural areas. The crisis in microfinance worldwide, including burgeoning protests, are viewed as proof of the commercial derailment and/or misplaced faith in microfinance's positive social and economic impact on the poor. This article engages with this debate through a study of the Nicaraguan micro‐finance crisis. It challenges existing analyses that pin the crisis on agricultural over‐indebtedness, lack of due diligence, or Sandinista populist politics. Illustrating the dangers of neglecting the diverse nature of microfinance, it reveals the paradoxical outcomes of the crisis: a refocus on the urban at the expense of agricultural credit for small and medium enterprises and a consolidation of the power of national processing elites. Nicaragua's Non‐Payment Movement is also shown to be both a product of elite manipulation and an expression of legitimate resistance to an industry that turns a blind eye to the manner in which markets and politics constrain clients’ potential.     

Watermills: The Origin of the Use of Renewable Hydraulic Energy in Spain

The use of renewable hydraulic energy sources by mankind most likely has its origins in the development of the watermills. To understand the functioning of these mills, this article first reviews, through the analysis of different bibliographical sources, the technical evolution of the machinery used since the appearance of the first watermills to grind cereal grain in the 1st century bc.

Secondly, a particular area of the south-west of Spain, Alcalá de Guadaíra, has been selected for study, whose strategic location as well as its hydrological characteristics gave rise, firstly, to an intensive milling industry, and, later, a famed baking industry, from the late Middle Ages until recent decades. The huge development of these two industrial activities has made Alcalá de Guadaíra an exceptional example in Spain, with 40 watermills in the early 18th century.

Extensive work on site allowed the analysis of the state and types of watermills that still exist in this area, identifying their similarities and differences. Unfortunately, after they fell into disuse, only 28 of these mills remain today; 12 of them are in a relative good state of preservation, seven in an alarming state of ruin and, of the other nine, only some unrecognisable vestiges remain. Some of these mill buildings have been restored recently, although their machinery is missing. Only from old photographs or by visiting mills restored in other areas is it possible to determine how these watermills worked.

Due to the lack of financial resources to carry out physical restoration of the industrial heritage missing in these flour mills, a virtual model of one of them has been developed. This work provides, at least virtually, a reconstruction of the traditional mills which helps promote technological studies and shows how they worked, as part of virtual exhibitions. In addition, a computer application of augmented reality has been developed that any visitor can install on a mobile device to display the virtual reality of the machinery, generated by 3D models, so they can visualise the physical reality that they would have found in the mill.     

Portugal’s Declaration During the Negotiation of the 2001 UNESCO Convention on the Protection of the Underwater Cultural Heritage: International Protection and Cooperation versus Possession

Portugal was the second country in Western Europe to ratify the 2001 UNESCO Convention, a pivotal step that occurred on September 21, 2006. In 2000 the Portuguese delegation presented a statement in the UNESCO meeting for the draft Convention, the substance of which emphasises the protection and cooperation principles concerning the underwater cultural heritage rather than the issue of its possession. In 2008, the discovery of a sixteenth century Portuguese shipwreck near Oranjemund, Namibia, confirmed that the referred statement opened a premonitory strategic window for the conciliation of interests of States around such examples of common heritage.     

UNDERSTANDING LOCAL CONTENT DECISIONS: ECONOMIC ANALYSIS AND AN APPLICATION TO THE AUTOMOTIVE INDUSTRY*

ABSTRACT In industrializing regions, foreign investments often generate spillovers through regional backward links. This situation may create a gap between private and social valuations of resources, resulting in a level of local content below what would be optimal for the economy. This situation creates an opportunity for the enactment of domestic content regulations. This paper presents a model to understand how these policies condition the decisions of the economic agents and affect economic welfare. Then, it simulates the model using a case study of the automotive sector. Results suggest that, in certain conditions, this local content regulation can be welfare enhancing.     

Wave Hindcasting and Anchoring Activities in Ancient Harbours: The Impact of Coastal Dynamics on Ancient Carthago Nova (Cartagena,Spain)

Journal of Maritime Archaeology - This study analyses nautical harbour activities and their spatial distribution using a high-resolution method of wind-wave hindcasting, in order to identify the...     

The Subject of the King and a Mercantile Ideology in Early Modern Spain

This article proposes an interpretation of Lope de Vega's El Brasil Restituido (1625) that points to the political, military, and economic crises of Spain in Europe as the underlying themes of the representation of the retaking of the Brazilian colony of Bahía from the Dutch. The Spanish monarchy faced a major challenge to its European supremacy during the first two decades of the seventeenth century. Not only was its military power being frontally contested at different sites of Europe, but its political and economic influence was rapidly deteriorating as well. One of the goals of the Count-Duke of Olivares, the powerful prime minister of Phillip IV, was to regain European leadership by mobilizing the mercantile segments of Spain. The play illustrates the confluence of two ideological systems during the transformation of Spanish feudal society. On the one hand, the dominant ideology of blood purity legitimizes the seigniorial structure of lineage; on the other hand, the representation of a new merchant as a good servant of the king discloses the important role that a mercantile enterprise and ethos had acquired in the formation of a subject to the monarchy.