San Juan,the Fragile City: Finance Capital,Class, and the Making of Puerto Rico's Economic Crisis

This paper narrates Puerto Rico's fiscal and financial crisis through a reading of San Juan's urban landscape. We underscore the role of capital in the city, primarily embodied by the local capitalist class (the Criollo bloc) and foreign capitalists. Historically excluded from the manufacturing sector (dominated by US capitalists), the Criollo bloc accumulates its wealth by concentrating financial assets in the city. In times of crisis, the Criollo bloc resorts to the acquisition of new assets and asset exchange with foreign capitalists to remain solvent and provide short‐term solutions to the state's fiscal and financial limits. The survival of the local capitalist class, we demonstrate, is dependent on asset stripping. Drawing on Clyde Woods, we document how asset stripping unevenly redistributes wealth and risks along class and racial lines within a colonial economy. The finance capital/asset stripping basis of San Juan's economy renders it an extremely fragile city, we contend.     

抗战时期的国统区农村金融--以农村合作金融事业为中心

抗日战争爆发后,南京政府认识到抗战将是持久战,持久抗战的关键之一在于农村能否持久地提供支持。因而,维持和发展农村经济就成为坚持抗战的重要一环。而维持和发展农村经济的关键又在于是否能够为农村提供金融支持。本文以台湾"中研院"近代史研究所档案馆藏有关资料为中心,特别是农林部中央农业实验所农业经济系所作的农村金融调查资料,辅以其他史料,对1939年至1944年间国统区15个省的农村金融借贷、放款利率、放款期限、借贷办法、放款机关等情况进行具体考察,分析和观察其成效与特点,并与抗战前后的情况进行比较,以期对抗战时期国统区的农村金融发展和演变情况,有一个较为清晰的认识。     

甲午战争前后东亚海权与海防的较量及其影响

一场甲午战争,使东亚海权格局剧变,由此构成中日两国命运变化的历史拐点。战前,中日两国面对西方殖民扩张的相同遭遇,展开了近30年的海军现代化建设,并在互为敌手的竞争中日益凸显于以英国为主导的东亚海权格局之中。然而,不同的战略选择决定了不同的命运,甲午战争用血与火诠释了海权与海防的本质区别及其决定性影响。正因为战败后的中国已完全置身于东亚海权格局之外,再次陷入有海无防的境地,导致海权得以坐大的日本推行"大陆政策"更加有恃无恐,在列强瓜分中国的狂潮中走上独霸东亚之路。     

Platform Capitalism’s Hidden Abode: Producing Data Assets in the Gig Economy

In this article, we argue that the governance of gig work under conditions of financialised platform capitalism is characterised by a process that we call “dual value production”: the monetary value produced by the service provided is augmented by the use and speculative value of the data produced before, during, and after service provision. App-governed gig workers hence function as pivotal conduits in software systems that produce digital data as a particular asset class. We reflect on the production of data assets and the unequal distribution of opportunities for their valorisation, after which we survey a number of strategies seeking data-centric worker empowerment. These strategies, we argue, are crucial attempts to push back against platform capitalism’s domination, bankrolled by what we term “meta-platforms”. Ultimately, it is the massive wealth and synergetic capacities of meta-platforms that constitute the most formidable obstacle to worker power and social justice in increasingly data-driven societies.     

The Second Coming of Rail: The Spanish High-Speed Rail-Finance Complex

This article offers a critical account of Spanish high-speed rail (HSR) through the lens of the spatial fix. I designate the integration of Spanish HSR into a European-wide process of circulation of finance capital as the HSR-finance complex. The analysis of the inner workings of the HSR-finance complex reveals the way in which European finance has laid the conditions of possibility for the development of the project and offers a forewarning about the dangers of leveraging finance capital toward green infrastructure. The analysis of the Spanish HSR-finance complex shows that the particular form of capital circulation that has made it possible has not brought about new productive combinations but has instead deepened traditional relations of economic dependency and magnified their socioenvironmental consequences.     

The State and Financialization of Public Land in the United Kingdom

There exists an influential and growing political‐economic literature on the treatment of land—urban and rural—as a financial asset. But this literature pays little attention to the role of the state, beyond its obvious significance in the formalization of tradable property rights. In particular, the issue of the state's own land, i.e. public land, has been afforded scant scrutiny. Has the state, like other actors, increasingly come to treat the land it owns as a form of financial asset? And if so, how, and with what implications? This article addresses these questions by way of an empirical focus on the history of the UK public estate since the beginning of the 1980s.     

论晚清"裁厘统捐"与"裁厘认捐"的尝试及夭折

厘金在晚清财政中占有重要地位,但因多次征收而导致的税率过高使多方极为不满,也造成了中央与地方的财政矛盾。《辛丑条约》签订后,为了预备“裁厘加税”,清政府决定对厘金进行改革,实施“裁厘统捐”。随着立宪运动的展开,商民势力较大的江浙等省发起“裁厘认捐”,以抵制清廷的“裁厘统捐”。由于厘金问题事涉中央、地方、商民等多方利益与矛盾,加之清廷措置失当,短时期内难以顺利调适,博弈的结果是官方的“裁厘统捐”和商民的“裁厘认捐”均以失败告终。     

Irrational Exuberance: Hope,Expectation, and Cool Market Logic

This article examines expectation, optimism, and future-oriented affective postures in financial markets in conversation with theological debates about hope, fanaticism, and enthusiasm. I identify a tendency in economic discourse to valorize calculative and calm rationality over against emotive enthusiasm in market behavior. In recalling the theological debates over passions and interests that proved influential at the inception of capitalism, I argue that the denigration of exuberance in economics bears genealogical links to theological condemnation of the fanatic and enthusiast in early modernity. Retrieving this theological precursor provides an analytical lens for considering the ongoing traction of the language of rationality in economics.     

“Not a Club for Ethical Culture”: The Early Writings of Max Weber,Liang Qichao,and Kang Youwei on the Stock Exchange

This paper examines early discussions of stock exchanges by Max Weber, Liang Qichao, and Kang Youwei and considers their contemporaneity. Despite different contexts, the discussions shared a nineteenth-century preoccupation with global competition and Darwinian struggles for survival. All reveal the attendant anxieties of latecomer nations experiencing belated modernity. Weber, however, wrote from a position that embraced German colonialism, whereas Liang and Kang’s advocacy of stock exchanges was marked by concerns for the Chinese nation that emerged as a result of the experience of colonialism and economic imperialism.