The geography of venture capital investments in the UK

The role of venture capital in economic development increasingly is recognized as central to the development of an entrepreneurial economy. However, the supply of venture capital is not distributed evenly across the space economy. In the UK, evidence for the 1980s demonstrated that venture capital investments were highly concentrated in Greater London and the South East, reinforcing the existing patterns of regional concentration of economic activity. This paper reviews the regional distribution of venture capital investments in the UK in the 1990s, a period of massive growth in venture capital investment activity. It concludes that the regional concentration of venture capital investment has been considerably reduced since the 1980s. However, more detailed analysis of the data demonstrates that this shift towards a less unequal regional distribution has been driven by so–called 'merchant' venture capital – investments in large–scale management buy–outs and buy–ins which facilitate corporate restructuring through ownership change and often have adverse consequences for employment. 'Classic' venture capital – investments in young entrepreneurial companies with high growth potential – remains highly concentrated in London and the South East, and also in Scotland. This reflects both supply– and demand–side factors. The Government's new regional venture capital funds are unlikely to be effective in closing this regional finance gap. An alternative approach to intervention, in the context of the increasing globalization of venture capital investments, is to seek to attract venture capital money and expertise from elsewhere.     

Intramuros: memory,violence and national becoming in Manila

Fort Santiago marks the site at which Spanish forces began the consolidation of the conquest of the Philippines, guarding the capital city of Manila from the 1590s. The fort, now in the heart of the Intramuros heritage precinct, was almost destroyed during the Second World War. It was gradually reconstructed in the decades that followed, and formed a centrepiece for the 1998 centennial celebrations of Philippine independence. It is now one of Manila’s most popular attractions, with visitors walking along the restored walls and exploring the Shrine to Freedom. The site memorialises José Rizal, a writer and leader of the Philippine independence movement, who was executed by the Spanish in Fort Santiago in 1896. By focussing on his last moments, the Rizal Shrine coopts a language of martyrdom and redemptive suffering, from which a nation was born and continues to evolve. The use of Rizal in the site marginalises alternative forms of suffering that might otherwise challenge the state’s use of violence. The tensions between a politicised authorised heritage discourse and acts of legitimated historical violence reveal the ethical dilemmas that exist when heritage management deliberately eulogises some forms of suffering and marginalises others.     

Republican citizenship in the post-Civil War South and French Algeria 1865–1900

This essay compares the American South and French Algeria from 1865 to roughly 1900. Their similarities and connections reveal the paradox of republicanism in an era of growing nation-state power. The Civil War’s outcome, particularly slavery’s abolition, inspired American and French liberals alike. But after bold initiatives to establish full citizenship for people of color in the 1860s, provincial, white rule was established in both territorial areas. Fears of socialism provoked by the Paris Commune figured in this pivot. The essay shows us transnational aspects of race-based, contingent citizenship in the post-slavery era of these two republican empires.     

The romance of the Inland Isle: Tocqueville's Democracy in America and the landscape of Providence

Nearly two centuries after its publication, Alexis de Tocqueville's Democracy in America (1990a) remains among the most influential accounts of American political culture. This essay argues that the rhetorical foundation of the Democracy's enduring cultural power is its “imaginative geography” (Said 2000), about which I make two, interrelated claims. The first has to do with the Democracy's identification of the American land with divine Providence. I claim that the providential landscape is the chief means by which Tocqueville contains and organizes the account of the tension between achieved liberty and natural freedom that drives the Democracy. My second focus is on the romantic character of the providential landscape. Cosgrove (2005, p. 302) reflects upon the “tenacity of the island condition on the Western imagination” as frame and vessel of “imagination, desire, hopes and fears.” I argue that the Democracy's “Inland Isle,” as I call it, is a metaphorical island in this sense, and that its theoretical capacity and exhortative power derive from Tocqueville's use of an idiom expressive of a distinctively French tradition of landscape theorizing in which garden metaphor was used to construct meanings of equality and freedom, and voice and identity, in an emerging national, bourgeois order.