Search results

Global processes, local challenges

This book is a tribute to Enzo Mingione and his contribution to the fields of sociology and urban studies on the occasion of his retirement. It touches upon the processes of transformation of cities to the informal economy, from the Fordist crisis to the rediscovery of poverty, from the welfare state and welfare policies to migration and the transformation of work. These themes constitute the analytical building blocks of this book on the transitions that Western capitalist societies are undergoing. The book focuses on social foundations of Western capitalism, explaining how socio-economic and institutional complementarities that characterised postwar capitalism created relatively integrated socio-economic regimes, It has five thematic sections reflecting five areas of capitalism, the search interests of Enzo Mingione. The first discusses the transformations of global capitalism, addressing how capitalism works and how it changes. The second provides insights into the mechanisms of re-embedding, in particular how welfare policies are part of a societal reaction to capitalism's disruptive dynamic. The third addresses some main challenges that citizenship systems established in the post-war period have had to face, from the spread of new employment regimes to new migratory flows. The fourth addresses cities and their transformation and the final section addresses poverty and its spatial dimension as a crucial lens through which to understand the differentiated impact of the processes of change in Western capitalist societies, both in socio-economic and spatial terms.

State, market, and the Party in China’s financial reform
Author: Julian Gruin

Over more than thirty years of reform and opening, the Chinese Communist Party has pursued the gradual marketization of China’s economy alongside the preservation of a resiliently authoritarian political system, defying long-standing predictions that ‘transition’ to a market economy would catalyse deeper political transformation. In an era of deepening synergy between authoritarian politics and finance capitalism, Communists constructing capitalism offers a novel and important perspective on this central dilemma of contemporary Chinese development. This book challenges existing state–market paradigms of political economy and reveals the Eurocentric assumptions of liberal scepticism towards Chinese authoritarian resilience. It works with an alternative conceptual vocabulary for analysing the political economy of financial development as both the management and exploitation of socio-economic uncertainty. Drawing upon extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China’s state-owned banking system since 1989. It shows how political control over capital has been central to China’s experience of capitalist development, enabling both rapid economic growth whilst preserving macroeconomic and political stability. Communists constructing capitalism will be of academic interest to scholars and graduate students in the fields of Chinese studies, social studies of finance, and international and comparative political economy. Beyond academia, it will be essential reading for anyone interested in the evolution of Chinese capitalism and its implications for an increasingly central issue in contemporary global politics: the financial foundations of illiberal capitalism.

Abstract only
Author: Susan Strange

Originally released by Basil Blackwell in 1986, and then re-released by Manchester University Press in 1998, Casino capitalism is a cutting-edge discussion of international financial markets, the way they behave and the power they wield. It examines money's power for good as well as its terrible disruptive, destructive power for evil. Money is seen as being far too important to leave to bankers and economists to do with as they think best. The raison d'être of Casino Capitalism is to expose the development of a financial system that has increasingly escaped the calming influences of democratic control.

This new edition includes a powerful new introduction provided by Matthew Watson that puts the book it in its proper historical context, as well as identifying its relevance for the modern world. It will have a wide reaching audience, appealing both to academics and students of economics and globalization as well as the general reader with interests in capitalism and economic history.

China and the problem of Eurocentrism
Julian Gruin

2 Ancient markets, modern capitalism: China and the problem of Eurocentrism [N]one of the standard models of economic and political theory can explain China. … China still does not have well-specified property rights, town-village enterprises hardly resemble the standard firm of economics, and it remains to this day a communist dictatorship. Douglass North (2005) It is merely in the night of our ignorance that all alien shapes take on the same hue. Perry Anderson (1974) If, as I argue in this book, it is necessary to reconceptualize the institutional

in Communists constructing capitalism
Global processes, local challenges
Alberta Andreotti, David Benassi, and Yuri Kazepov

1  Alberta Andreotti, David Benassi and Yuri Kazepov Western capitalism in transition: global processes, local challenges Capitalism is not merely a way of organising production and consumption based on the private ownership of the means of production, driven by alleged natural human behaviour (selfishness, self-interest) and aimed at maximising profit. The sociological understanding of capitalism defines it as a model for the structure of the whole of society, where economic momentum is ‘only’ one of the aspects of such a structure. In this introduction we

in Western capitalism in transition
‘Working the ground’ in Scotland

Ethnographies of labour at sea must examine the experience of that labour, rather than contemplate the commodities that are produced, or resort to trite metaphors about watery 'flow' and 'immersion' This book takes up a labour-centred Marxist approach to human-environment relations, place and language, human-machine relations, technique and technology, political economy and violence. It explores how fishers make the sea productive through their labour, using technologies ranging from wooden boats to digital GPS plotters to create familiar places in a seemingly hostile environment. While most analyses of navigation assume that its purpose is orientation, virtually all navigation devices are used in techniques to solve the problem of relative position. Fishers frequently have to make impossible choices between safe seamanship and staying afloat economically, and the book describes the human impact of the high rate of deaths in the fishing industry. The lives of fishermen are affected by capitalist forces in the markets they sell to, forces that shape even the relations between fishers on the same boat. The book also discusses techniques people used to extend their bodies and perceptual abilities, the importance of controlling and delicately manipulating these extensions and the caring relationships of maintenance boats and machines required. A 'new anthropology of labour' and a 'decolonised anthropology dispenses with the disciplinary emphasis on the "outside" of capitalism and encompasses the dynamism and interconnections of global society'.

Abstract only
Susan Strange

Chapter 1 Casino capitalism The Western financial system is rapidly coming to resemble nothing as much as a vast casino. Every day games are played in this casino that involve sums of money so large that they cannot be imagined. At night the games go on at the other side of the world. In the towering office blocks that dominate all the great cities of the world, rooms are full of chain-smoking young men all playing these games. Their eyes are fixed on computer screens flickering with changing prices. They play by intercontinental telephone or by tapping

in Casino Capitalism
Julian Gruin

7 Chinese finance and the future of authoritarian capitalism The jury is very much out on how epiphenomenal the West’s post1800 advantage will be. Kenneth Pomeranz (2009) Reevaluating China’s financial development in historical comparative context challenges existing ways of thinking about the dynamics of global order and China’s place within it. This global order is in a deep state of flux and uncertainty, yet our posing of questions surrounding the fate of the liberal world order occlude the possibility that China is constructing its own version of capitalist

in Communists constructing capitalism
Enzo Mingione

18  Enzo Mingione The double movement and the perspectives of contemporary capitalism 1 The perspectives of contemporary capitalism The current financial and economic crisis of industrialised countries, which started in 2008, has made the interpretation of our societies more difficult. We are in an uncertain and dynamic phase, characterised by high rates of growth in some emerging large countries (China, India and Brazil, up to 2015), high levels of economic interdependence and competition on a global scale, strong de-standardisation trends, increasing social

in Western capitalism in transition

Karl Polanyi (1886–1964) returned to public discourse in the 1990s, when the Soviet Union imploded and globalization erupted. Best known for The Great Transformation, Polanyi’s wide-ranging thought anticipated twenty-first-century civilizational challenges of ecological collapse, social disintegration and international conflict, and warned that the unbridled domination of market capitalism would engender nationalist protective counter-movements. In Karl Polanyi and Twenty-First-Century Capitalism, Radhika Desai and Kari Polanyi Levitt bring together prominent and new thinkers in the field to extend the boundaries of our understanding of Polanyi's life and work. Kari Polanyi Levitt's opening essay situates Polanyi in the past century shaped by Keynes and Hayek, and explores how and why his ideas may shape the twenty-first century. Her analysis of his Bennington Lectures, which pre-dated and anticipated The Great Transformation, demonstrates how Central European his thought and chief concerns were. The next several contributions clarify, for the first time in Polanyi scholarship, the meaning of money as a fictitious commodity. Other contributions resolve difficulties in understanding the building blocks of Polanyi's thought: fictitious commodities, the double movement, the United States' exceptional development, the reality of society and socialism as freedom in a complex society. The volume culminates in explorations of how Polanyi has influenced, and can be used to develop, ideas in a number of fields, whether income inequality, world-systems theory or comparative political economy. Contributors: Fred Block, Michael Brie, Radhika Desai, Michael Hudson, Hannes Lacher, Kari Polanyi Levitt, Chikako Nakayama, Jamie Peck, Abraham Rotstein, Margaret Somers, Claus Thomasberger, Oscar Ugarteche Galarza.