The Impact of Global Financial Crisis on the Mechanism of Economic Growth in Russia

A noted specialist on the Russian economy presents an assessment of the impact of the global financial crisis on the mechanism of the country's economic growth. Focusing on the demand side of the economic ledger, the author explores the question of whether Russia will be able to re-attain the high economic growth rates of the period from 2000 to 2007 after recovering from the crisis. The paper analyzes the sharp drop in production in 2008 and the first quarter of 2009, attributing most of the damage to liquidity problems and declines in the price of oil. Empirical evidence is based primarily on data collected by the author from the Central Bank of Russia and the country's federal bureau of statistics (Rosstat). Journal of Economic Literature, Classification Numbers: E010, E200, E660, F210, G010. 11 figures, 3 tables, 29 references.     

China's Shoe Manufacturing and the Wenzhou Model: Perspectives on the World's Leading Producer and Exporter of Footwear

A U.S.-based geographer and specialist on China advances his research on industrial districts and regional development by presenting a 2008 study of shoe manufacturing in Wenzhou (a major center in the world's largest footwear producing and exporting country). More specifically, the author examines how the model of economic development pioneered in Wenzhou (the Wenzhou model) has been transformed in an effort to meet the challenges posed by the global economy. He argues that the scaling up of Wenzhou's footwear industry, through the expansion of sales networks and factories across China and abroad, indicates that other adaptable city regions can overcome similar obstacles. The author challenges both the New Regionalism literature focused on local institutions and assets, as well as perspectives that overemphasize the benefits of globalization and global production networks. Journal of Economic Literature, Classification Numbers: O100, O140, O180. 2 figures, 3 tables, 60 references.     

China's Exchange Rate Controversy: A Balanced Analysis

A noted American authority on China's economy and monetary policy presents a statistical as well as theoretical analysis of a variety of perspectives on the controversy surrounding China's currency, basing his paper on both. The author provides the historical background and comprehensive summaries, focusing on different viewpoints about whether China's currency is undervalued, and thus may contribute to global imbalances. In the paper, he divides observers involved in the controversy into two main camps, namely the ones who find China's trade balances to be sensitive to price effects through exchange rate adjustments and those who emphasize other factors as bearing the responsibility for China's large surpluses, including the U.S. credit bubble emerging before the global financial crisis, as well as a version of Dutch disease.     

Noril'sk Nickel: A Global Company?

Two specialists on Russia's minerals industries examine the evidence supporting the argument that the Russian mining conglomerate Noril'sk Nickel can be viewed as a global company. Included among the criteria they assess are the geographic dispersion of the company's markets and operations, the diversified and multinational character of its ownership, whether it has matched the performance standards set by its major international competitors, and the effect of the company's ownership presence on the management style of its foreign operations. A particular focus is on how an ongoing conflict between two major Russian oligarch shareholders (Vladimir Potanin and Oleg Deripaska) has shaped Noril'sk Nickel's ownership and management structure, which is characterized by the continued (background) presence of the state, the lack of any organized policy for training a multinational management cohort, and the absence of a major block of foreign shareholders. In the end, they conclude that Noril'sk Nickel is not a genuinely global but rather a Tier-1 Russian company, albeit one with a global scale of operations.     

China's Infrastructure Investment Boom and Local Debt Crisis

A noted Hong Kong-based economist addresses the emerging financing problems prompted by debt-laden local governments in China in the aftermath of the global financial crisis. More specifically, using the most recent data available, he traces the root of China's local debt overhang to a protracted debt-financed infrastructure investment boom in which several key institutions (the cadre evaluation system, the land management regime, and the banking sector) have created an environment that draws local governments into a land-infrastructure-leverage trap. The author argues that the resulting high levels of debt may ultimately impede the country's efforts to mitigate structural imbalances in its economy. Journal of Economic Literature, Classification Numbers: H600, H700, P200, P300. 3 figures, 9 tables, 121 references.     

稻盛经营哲学中的文化印迹辨析

稻盛和夫1997年退出经营第一线后,愈发活跃于国内外的财界、学界乃至政界,不断地著书立说,登台演讲。主题大都是谈自己的经营之道。有人说稻盛的哲学思想深受中国传统文化影响,也有人说,稻盛的哲学博采众长,是吸收多种文化的产物。这些说法哪种更贴近现实,抑或都存在片面性?本文将通过对稻盛和夫的著述、演讲以及个人访谈中所引用的中国古典、哲学以及宗教等内容的比较,分析中国古典在稻盛经营哲学中所处的地位以及发挥的作用。     

从建国后苏绣业的发展看手工业的政策和管理

建国后苏州刺绣业经历了从手工业到现代大工业的发展过程。 1 95 2年 ,我国提出了社会主义过渡时期的总路线 ,苏绣业开始由加工订货的方式走上了合作化道路 ,此后又经历了从刺绣生产合作社到转厂过渡以及刺绣加工机械化、自动化。事实证明 ,我国社会主义制度建立以后进行的生产合作化 ,是引导小生产者走上联合劳动道路的最好方式之一。但苏绣是一种特殊的手工业 ,是工艺美术手工业 ,在审美和情趣方面具有不同于一般手工业的独特表现。因此 ,在政策和管理上就需要区别对待 ,合作化以来屡屡出现的那种混淆差别、笼统管理的做法是欠妥的 ,也容易导致一些传统工艺走向衰落     

上海私营金融业的联合之路:由联合放款、联合经营到联合管理

1949年5月上海解放后,不同层次的私营金融业在走向公私合营的共同目标中,所需的时间、具体的过程有着较大的区别。上海私营金融业曾两次组织对生产与其他经济事业的联合放款,此外规模较大的银行较早实现了公私合营,而数十家中小行庄公司则通过组成四个联营集团进行多种业务的联合经营并逐步过渡到两个联合总管理处,实现了从业务到人事、财务、组织多种形式的联合管理,最后在条件成熟的时候与大银行共同组成统一的公私合营银行。政府对上海地区数量众多的私营金融机构采取了导向联放、联营和联管的循序渐进的谨慎政策,是符合整个中国金融业历史实际的正确之举,体现了中国私营金融业社会主义改造的历史必然性和复杂性。     

Jumping Fish: Engendering Contestation and Development on the Waterways of the Aramia River in Papua New Guinea

ABSTRACT Set in the Aramia River basin, this article explores the intimate and interactive relationship between communities in Western Province, Papua New Guinea, and the water that dominates the environment in which they live. Located amongst tidal rivers, creeks and lagoons, Gogodala villages sit high on ‘islands’ of land. In this environment, water is the site of seasonal change and the space of movement. The Aramia River is synonymous with an ancestral figure called Sawiya who travelled in her canoe, naming, creating and populating the water and land of the area. As the ‘mother of all fish’, Sawiya controls the movement and abundance of fish and other aquatic resources. Water is embodied in Sawiya, whose capacities to both nourish and punish are the basis of seasonal variations in fish, and in the colour and clarity of water in the local lagoons and rivers. Set against the backdrop of the Ok Tedi Mine and recent logging operations on the Aramia, the article explores some of the ways in which water and its resources are defined and experienced in this rural community and the impact this may have on the exploitation and development of natural resources in PNG.