Crying on Lombard Street: fixing sovereign defaults in the 1890s

The wave of sovereign defaults in the 1890s was one of the worst ever remembered in the history of finance. From Argentina in 1890 to Brazil in 1898, countries in Latin America and Southern Europe defaulted on their external debt, inflicting investors with huge losses. However, this was the last cluster of defaults of the gold standard era. At the beginning of the 20th century and until the outbreak of World War I, defaults were less frequent despite the continuous increase in foreign government borrowing. The literature has provided several explanations on this apparent success all relative to improvements introduced in the market. This paper argues that the fall in the number of defaults is more related to a more favorable world macroeconomic environment and to an increased liquidity available in international financial markets than to an abrupt shift in the manner in which defaults were handled. I show that settlements were more correlated with the relative facility to re-access foreign capital markets than to changes in the financial architecture.     

Traditional Retail Markets: The New Gentrification Frontier?

This paper presents traditional retail markets in the UK caught between a narrative of decline and revival, on the edge of a gentrification frontier. Traditional indoor and outdoor markets have become somewhat residual in many British cities but essential for many low‐income citizens that rely on their affordability. At the same time, the market is being reinvented for a wealthier type of customer interested more in local, environmentally friendly, ethical and “authentic” shopping experience. We take the case of Kirkgate Market in Leeds, the largest of its kind in Britain to analyse the process of disinvestment by the local authority, displacement of traders and customers and rebranding of the market for a new wealthier customer base. The paper is based on an action‐research project on which one of the authors is involved alongside traders and other campaigners to defend the public nature of Kirkgate Market in Leeds.     

On a Quantitative Assessment of the Economic-Geographic Situation of Cities

The author suggests the use of combined production and transport costs of raw materials and manufactured goods to the consumer as an indicator of the economic-geographic situation of a city. He contends that it is no longer sufficient to characterize the situation simply as “favorable” or “unfavorable” and that there is a real need for quantification with the purpose of using this technique in long-range plans.     

ANALYSIS OF REGIONAL DIFFERENCES IN MATERIAL WELFARE OF THE POPULATION: THE GEORGIAN SSR

Spatial differences in the material welfare of the population of the Georgian SSR are evaluated on the basis of five per capita indices (monetary income, total savings, number of motor vehicles, retail trade turnover, and provision of basic services) for 61 administrative units of varying type, including ASSRs, rayons, and cities under union republic jurisdiction. Rankings on individual indices are then aggregated into a summary rating. Major cities and areas of commercial agriculture (tea, citrus) tended to have higher summary ratings than mountainous areas with difficult topography and climate and remote from major markets (translated by Jay Mitchell; PlanEcon, Inc.; Washington, DC 20005).     

Italians and music. Financescape,ideoscape and mediascape

Abstract

This article explores the reasons why Italian contemporary musical life is generally considered to be below the standards set by other European and overseas countries, a situation that is all the more striking when the contrast with Italy's glorious musical tradition in past centuries is born in mind. The failings of public institutions and the inadequacies of policies have often been blamed for this, but in fact the causes are more complex. Arjun Appadurai's terminology that is cited in the title and the subsections of the article that are organized around the themes of ‘financescape’, ‘ideoscape’ and ‘mediascape’ provide the opportunity to develop a better understanding of the complex factors playing a role in the Italian music scene. In terms of structure and organization that greatest problems lay in the production system of the Opera theatres, in the progressive fall in public funds for the performing arts and in a visibly shrinking music market. These factors have created a crisis, but they have deep roots in Italian culture, one symptom being the relatively small demand for music in Italy. These different factors have combined to create a situation of immobility and conservatism that in turn weighs heavily on both serious and pop music.     

Between Desire and Routine: Assembling Environment and Finance in Carbon Markets

Abstract: This article contributes to emerging research on the social construction of carbon markets by focusing on the mobilisation of desire amongst carbon market actors, and on the routinisation of financial practices within such markets. We examine specifically the markets that have emerged around the Clean Development Mechanism. First, we look at the stories market actors tell each other in advertising and at Carbon Expo. Second, we look at the routinisation of carbon finance through the borrowing of ideas and tools from traditional financial markets. We suggest that the former animates the markets while the latter enables the markets to become “normalised” for financiers. We also suggest that the two aspects however also work in tension with each other, and that the character of this tension is one way of understanding the distinctiveness of carbon markets.     

Quotidian geographies: placing feminism

We discuss Susan Hanson's contributions to geography during the 1970s and 1980s through the lens of quotidian geographies, geographies of the everyday. Beginning from our own experiences as graduate students and new faculty members, we describe the social and theoretical context in which Susan published her initial studies of men's and women's activity patterns that examined gender differences in travel behavior and their origins in men's and women's different household responsibilities. We also review her success peopling the discipline of geography. We conclude that human geography has benefited from the incorporation of feminist theory and methods as Susan predicted.     

英国现代社会保障制度的建立(1870-1914)

1870-1914年是英国现代社会保障制度建立的时代。社会问题的严重化和济贫法制度的失效是英国现代社会保障制度建立的基本原因。工人运动的发展极大地促进了这一制度的建立,费边社会主义、集体主义和新自由主义为英国现代社会保障制度的建立提供了理论基础。1908年的《养老金法》、1911年的《国民保险法》所建立起来的社会保险制度,标志着英国现代社会保障制度的基本确立。英国现代社会保障制度的建立是英国社会福利制度的一次根本性转变,但它还存在一些明显的局限性。     

Private rental investment and socio-spatial disadvantage in Sydney,Australia

This article unpacks the connection between a growing cohort of small-scale but purposive property investors and urban socio-spatial restructuring. We analyse private rental housing as a tenure share to demonstrate its spatial correlation with the suburbanisation of socio-economic disadvantage in Sydney, Australia, between 1991 and 2016. Then, we show how investors drive this emerging pattern by reference to the geography of property owners’ stated investment objectives—low capital outlay, rental yields, and capital growth prospects. We contend that the link between their small-scale activities and the city’s changing socio-spatial structure is an overlooked consequence of private rental sector (PRS) housing financialisation. Importantly, our focus on behaviours exhibited by small-scale rental property owners in PRS financialisation transcends existing analyses that have concentrated on corporate entity activity in this space. That focus also contrasts with framings of private rental growth as a residual outcome of developments elsewhere in the housing market. Such work is significant because it demonstrates the impacts of real estate investment on urban form.     

Globalization,robotization, and electoral outcomes: Evidence from spatial regressions for Italy

Criticism of economic globalization and technological progress has gained support in Italy in the last two decades. However, due to the differentiated exposure of local labor markets to this process, electoral outcomes have varied considerably across the country. By observing the local impact of three global economic phenomena (flows of migrants, foreign competition in international trade, and diffusion of robots) alongside with the patterns of local electoral outcomes potentially associated with discontent, this study analyzes the economic forces driving the evolution of general elections in 2001, 2008, and 2013 in Italy. The analysis reveals that all these global factors had an impact on political outcomes associated with discontent, albeit in different ways and changing over time. All three factors are associated with increases in votes for far‐right parties in the period 2001–2008, but only robotization continues to have such an impact in the following period, while immigration is associated with an increase in votes for the Five‐Star Movement at the expense of far‐right parties. The results and extensions exploiting recent advances in political geography, political economy, and spatial econometrics make it possible to draw some general and methodological conclusions. Global drivers interact with elements pertaining to the political supply that empirical researchers should not be oblivious about. Political spillovers across neighboring areas add to the direct impact of locally mediated economic factors. Finally, the adoption of shift–share instrumental variables to identify the impact of robotization may lack robustness.