From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Following the 2008 global financial crisis, the use of real estate tax credits to generate shareholder value for investors increased significantly. While tax credits are lauded as crucial to the delivery of social goods like affordable housing, the multiplier effects they supposedly generate fail to account for the hollowing out of the state that occurs as public funds are transferred to shareholders. Through a detailed case study of the historic tax credit industry in the United States, this research shows how many of the banks and financial institutions investing in tax credits have come to rely on overly engineered forms of landownership, deeply discounted credit pricing, and a wave of stock buybacks to boost their corporate profitability. This paper therefore develops a theoretical framework to understand taxation as a financialised accumulation strategy where the state serves as an important—if not problematic—source of real estate profit.     

The origins of the modern emotions: Princess Elisabeth of Bohemia and the embodied mind

In the history of European ideas, Princess Elisabeth is conventionally viewed as little more than a curiosity, a clever but ultimately unimportant exiled princess who became the confidant, critic, and muse of a far more famous man, René Descartes. Contrary to this view, however, this article argues that Elisabeth made a significant contribution to the development of western philosophy in her own right. Drawing on her letters to Descartes, as well the diaries and correspondence of her associates and a range of secondary sources, it demonstrates that an early understanding of the modern emotions akin to that which later found form in the work of the moral sentiment theorists can be found in Elisabeth’s thought. In particular, drawing on her understanding of the embodied mind, Elisabeth of Bohemia began to develop a hybrid understanding of the passions, identified a role for the emotions in the pursuit of virtue, and began to reconceive the relationship between reason and the emotions that had until then dominated seventeenth-century thought.     

Maritime and Underwater Cultural Heritage Initiatives in Tanzania and Mozambique

The aim of this paper is provide an overview of the capacity building programmes in maritime and underwater cultural heritage (MUCH) conducted by the authors in Tanzania and Mozambique. Tanzania and Mozambique have long histories of indigenous cultures, foreign contacts and influences and African adaptations beginning in the late Greco-Roman period, when the coastal populations exploited the peoples and riches of the interior. Today the coastline contains numerous examples of indigenous tangible and intangible heritage and many sites and histories related to the Swahili culture. Some exploratory research and training has been conducted in Tanzania and Mozambique, but the implementation by local residents of their own MUCH programme is still at an early stage. Under a UNESCO agreement framework, Tanzania in particular has started to develop a MUCH programme, which can assist in highlighting their extensive histories, cultural landscapes and cultural identity.